The Cries of Nigerians over the exorbitant bank transaction charges have finally been heard by the Apex Bank – CBN which regulates all financial activities of banking and none-banking financial institutions.
No matter who you are or the type of account you operate with the bank, there’s no escaping one of many ways the “banks make bank” from you as if keeping your money with them isn’t enough. From simple SMS charges, Value added tax, NIP charges for transfer to other banks, ATM withdrawal charges and POS charges.
Every business has operational cost and therefore charges cannot be entirely removed as they are used to maintain these ATM, POS, and other ICT infrastructure put in place to ensure you have 24 hours access to these services. A review is done periodically to keep this fair for all parties involved – Referring to the times when ATM withdrawals used to be 100 Naira charge. Let’s see the new charges as reviewed by the CBN and adopted by all Banks on 1st January, 2020.
NEW BANK TO BANK TRANSFER CHARGES 2020
These charges below applies to transfer using Mobile App, Internet banking and USSD Codes to send money from your bank to Other banks (Note: Same bank transfers remain free of charge i.e First bank to first bank or GTB to GTB is all free.)
- Charges for transfer below 5,000 Naira is Now N10.50 (.50 Kobo is Value added Tax (VAT) Instead of the old 52.50
- Charges for transfer from N5,000 to N50,000 is Now N26.25 (1.25 Kobo is Value added Tax (VAT) Instead of the old 52.50
- Charges for transfer Above 50,000 Naira Remains the same N52.50 (2.50 Kobo is Value added Tax (VAT).
New ATM Withdrawal Charges 2020
Using your bank Debit card to withdraw at same bank ATM Machine will always be free but Withdrawals from other Bank ATM Machines will attract a Charge of 35 Naira. Old charge was 65 Naira.
For now POS Machine withdrawals still remain the same but CBN has issued a warning to all Businesses adding 50 Naira charge to POS payments. You pay for Fuel using POS 3,000 do not add any extra 50 naira – The business is to pay that charge, not the user.
We will continue to monitor and update this post as changes to charges are made in the future.
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