The Revised Guide to Bank charges was released on the 27th of March 2013, first issued in 2004, was meant to provide a standard for the application of charges in the banking industry and to minimize conflicts between banks and their customers.
In order to reflect current developments in the market and provide clarity on banking terms, the CBN recently conducted a review of the Guide, and highlighted in the table below is the section on the details of charges applicable to Electronic Banking.
DESCRIPTION
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RATE
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10.1
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Internet Banking:
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10.1.1 Token
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Max of
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10.1.2 Bills payment
|
||
10.1.3 Interbank Transfer
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10.2
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Electronic Funds Transfer:
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10.2.1 Below
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10.2.2
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10.2.3 Above
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10.2.4 RTGS
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10.3
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Annual Maintenance Fee on foreign currency denominated cards
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10.4
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Credit Card Charges:
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10.4.1 Interest charges
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2.5%
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10.4.2 International withdrawals
(per transaction)
|
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10.4.3 Late repayment
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10.5
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Debit Card Charges:
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10.5.1 Issuing Fee
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10.5.2 ATM Bill Payment
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10.5.3 International withdrawals
(per transaction)
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10.5.4 Debit card maintenance
charges
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||
10.5.5 Cash card loading/unloading
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No charge
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10.6
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ATM Transactions:
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10.6.1 Within the bank
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No charge
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10.6.2 On other banks ATMs
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No charge
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10.6.3 On approved Independent ATMs
|
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10.7
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10.7.1 Interbank Funds Transfer
|
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10.7.2 Intra-bank Funds Transfer
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10.7.3 Bill payment
|
||
10.7.4 Cash-out Agent (to be borne
by the sender)
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10.7.5 Cash-out Branch(to be borne
by the sender)
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10.7.6 Mobile Money Card Reissue
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10.7.7 Deposit at Agent
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10.8
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Point of Sales (PoS):
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10.8.1 General Merchant
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1.25% of transaction value subject
to a maximum of
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10.8.2 Wholesale
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Negotiable subject to a maximum of
|
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10.8.3 Hotels
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Negotiable subject to a maximum of
|
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10.8.4 Food/Churches/NGOs
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Negotiable subject to a maximum of
|
|
10.8.5 Fuel stations
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Negotiable subject to a maximum of
|
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10.8.6 Airline operators
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Negotiable subject to a maximum of
|
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10.8.7 Travel Agents
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Negotiable subject to a maximum of
|
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10.8.8 Card Charges (International)
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2.5% of transaction value
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10.9
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Bulk Payments Electronic Funds Transfer:
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10.9.1 Salary payment
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Negotiable subject to a maximum of
|
|
10.9.2 Vendor payments (payable by
the vendor)
|
||
10.9.3 Single payments
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No charge
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10.9.4 Utility payments
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No charge
|
|
10.9.5 Tax payments
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No charge
|
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10.10
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Alert Services
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10.10.1 Mandatory SMS alert
|
||
10.10.2 Email notification
(Optional)
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No charge
|
|
10.11
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PIN reissue
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No charge
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10.12
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PIN reset
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No charge
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10.13
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PIN mailer reprint (foreign currency denominated cards)
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Cost of recovery subject to a
maximum of $1 |
The Revised guide to Bank charges is
issued to serve as a regulation on applicable charges for banking services and
products offered to customers and it takes effect from April 1, 2013.
TERMS:
Card Issuance Fee: Fees charged by
banks for the issuance of e-cards such as ATM cards, MasterCard, etc.
NEFT (NIBSS
Electronic Funds Transfer): is an electronic payment system that enables
the execution of transfer instruction between banks on the NIBSS platform.
NIBSS (Nigeria Inter-bank Settlement System): is an institution that
provides the infrastructure for automated processing, settlement of payments
and fund transfer instruction between banks, discount houses and card companies
in Nigeria. It is owned by deposit money banks and the CBN.
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