CBN Revised Guide to Bank Charges

     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	RATE
10.1	Internet Banking:
	10.1.1  Token	Max of N 1,500 (one-off charge)
	10.1.2 Bills payment	N 100
	10.1.3 Interbank Transfer	N 100
10.2	Electronic Funds Transfer:
	10.2.1 Below N 500,000	N 70
	10.2.2 N 500,000 to N 10,000,000	N 100
	10.2.3 Above N 10,000,000	N 500
	10.2.4 RTGS	N 700
10.3	Annual Maintenance Fee on foreign currency denominated cards	N 3,000
10.4	Credit Card Charges:
	10.4.1 Interest charges	2.5%
	10.4.2 International withdrawals (per transaction)	N 240
	10.4.3 Late repayment	N 2,000
10.5	Debit Card Charges:
	10.5.1 Issuing Fee	N,1000 (one of charge)
	10.5.2 ATM Bill Payment	N 100
	10.5.3 International withdrawals (per transaction)	N 240
	10.5.4 Debit card maintenance charges	N 100 (annual charge)
	10.5.5 Cash card loading/unloading	No charge
10.6	ATM Transactions:
	10.6.1 Within the bank	No charge
	10.6.2 On other banks ATMs	No charge
	10.6.3 On approved Independent ATMs	N 150
10.7	Mobile Payments:
	10.7.1 Interbank Funds Transfer	N 100
	10.7.2 Intra-bank Funds Transfer	N 100
	10.7.3 Bill payment	N 100
	10.7.4 Cash-out Agent (to be borne by the sender)	N 100
	10.7.5 Cash-out Branch(to be borne by the sender)	N 100
	10.7.6 Mobile Money Card Reissue	N 300
	10.7.7 Deposit at Agent	N 100
10.8	Point of Sales (PoS):
	10.8.1 General Merchant	1.25% of transaction value subject to a maximum of N 2,000
	10.8.2 Wholesale	Negotiable subject to a maximum of N2,000
	10.8.3 Hotels	Negotiable subject to a maximum of N2,000
	10.8.4 Food/Churches/NGOs	Negotiable subject to a maximum of N2,000
	10.8.5 Fuel stations	Negotiable subject to a maximum of N2,000
	10.8.6 Airline operators	Negotiable subject to a maximum of N2,000
	10.8.7 Travel Agents	Negotiable subject to a maximum of N2,000
	10.8.8 Card Charges (International)	2.5% of transaction value
10.9	Bulk Payments Electronic Funds Transfer:
	10.9.1 Salary payment	Negotiable subject to a maximum of N 100 per employee
	10.9.2 Vendor payments (payable by the vendor)	N 150
	10.9.3 Single payments	No charge
	10.9.4 Utility payments	No charge
	10.9.5 Tax payments	No charge
10.10	Alert Services
	10.10.1 Mandatory SMS alert	N 4 subject to NCC directives
	10.10.2 Email notification (Optional)	No charge
10.11	PIN reissue	No charge
10.12	PIN reset	No charge
10.13	PIN mailer reprint (foreign currency denominated cards)	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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