Bank Charges in Nigeria 2022/2023 by Commercial Banks in Nigeria; This article will enlighten you more about how banks in Nigeria charge a fee for each service rendered for each transaction, withdrawal, ATM Charges, Deposit charges Maintenance fee, Internet Banking Charges, Electronic Funds Transfer Charges, SMS alert etc.
Bank New Charges in Nigeria 2022/2023 Approved by Central Bank of Nigeria (CBN)
- new Central Bank of Nigeria (CBN guide, transactions below ₦5,000 would incur a maximum fee of ₦10; transfers between ₦5000 and ₦50,000 will attract a charge of ₦25; and transfers beyond ₦50,000 will receive a charge of ₦50.
- the present account card maintenance cost has been eliminated because the accounts already have an account maintenance fee. Savings accounts will now be charged a card maintenance cost of ₦50 every quarter, rather than ₦50 every month.
- as stated by CBN the annual card maintenance cost for cards denominated in foreign currency (FCY) has been decreased from $20 to $10.
- after the third withdrawal within a month, ATM fees are lowered to ₦35 from ₦65.
- the charge for hardware token (Internet banking) will be based on cost recovery and will be capped at ₦2,500, down from the previous maximum charge of ₦3,500.
- fees for required SMS alerts will be based on a cost recovery model, with a maximum price of ₦4 in place previously.
- payment of bills via e-channels will incur a maximum charge of ₦500, based on 0.75 percent of the transaction value up to ₦1,200.
CBN Approved Mobile Transfer Charges
The fees accrued for electronic fund transfers include:
- below ₦5,000 – ₦10
- ₦5,001 – ₦50,000 – ₦25
- Above ₦50,000 – ₦50
Credit Cards Charges by Banks in Nigeria
- credit Cards fee for issuing a credit card — ₦1,000 (one-off charge). Regardless of the type of card used, the charge is the same (i.e. regular or premium card).
- credit Cards fee for reissuing for lost or damaged cards (at the customer’s request) — ₦1,000 (one-off charge). Regardless of the type of card used, the charge is the same (i.e. regular or premium card)
- credit Cards renewal Fee — ₦1,000 (when existing cards expire) (one-off charge). Regardless of the type of card used, the charge is the same (i.e. regular or premium card)
- credit Cards interest Rates — it can be negotiated
Debit Cards Charges by Banks in Nigeria
- debit Cards issuance Fee — ₦1,000 (one-off charge). The same price applies regardless of card type (i.e. normal or premium card)
- debit Cards remote-On-Us (from another bank’s ATM) — a maximum of N35 following the third withdrawal within the time limit.
- debit Cards replacement Fee (at customer’s instance for lost or damaged cards) — ₦1,000 (one-off charge). Regardless of card type (regular or premium), the charge is the same.
- debit Cards renewal Fee — ₦1,000 (when existing cards expire) (one-off charge). Regardless of the type of card used, the charge is the same (i.e. regular or premium card)
ATM Charges by Banks in Nigeria
- On-Us (drawing from an ATM of the issuing bank) — No fee
- Not On-Us (withdrawal from other bank’s ATM) in Nigeria — ₦35 just after third withdrawal inside the same month
- Withdrawals from other countries (per exact cost by international acquirer)
SMS Alert Charges by Banks in Nigeria
- SMS alert (Mandatory) – If a customer chooses not to receive SMS alerts, the customer must provide the bank with an indemnity (for any damages that may occur as a result).
- cost recovery (on customer-induced transactions) — No charge (for bank-induced transactions)
- there is no price for receiving an email notification.
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