In response to further evolution in the financial industry over the last few years, the Central Bank of Nigeria (CBN) has issued a revised “Guide to Charges by Banks, Other Financial & Non-Bank Financial Institutions”.
The new Guide includes, amongst others, a downward review of charges for electronic banking transactions; a review of other bank charges to align with market development and the inclusion of new sections on Accountability/Responsibility and a Sanction Regime to directly address instances of excess, unapproved and/or arbitrary charges.
The guide provides a basis for the application of charges on various products and services offered by banks and other regulated institutions under its purview. The Guide which was first released in 2004, was revised in 2013 and 2017 in the light of market developments, such as new innovations in products and/or channels and new industry participants.
According to the apex bank, Electronic Funds Transfer below N5,000 on customer’s Electronic Device attracts a rate of N10 while N50,000 and above attracts a rate of N50.
Replacement Fee (at customer’s instance for lost or damaged cards) costs N1,000, irrespective of card type (i.e. regular or premium card) while renewal Fee upon expiry of existing cards costs the same.
The Executive Compliance Officers (ECO) is expected to monitor compliance with the requirements of the guidelines and “shall be held liable for any breach”.
Also, the Head, Information Technology Division “shall ensure that the name of all system related/generated/posted charges shall conform strictly to this Guide”.
Investors King gathered that the bank had earlier issued a guide on how aggrieved customers can complain about financial institutions such as commercial banks.
In a circular released on their website, the CBN stated how the public can lodge a complaint against Financial Institutions regulated by the Central Bank of Nigeria such as Commercial Banks, Microfinance Banks, Primary Mortgage Institutions and Discount Houses.
