CBN reduces charges on e-transactions



By Kadiri Abdulrahman

The Central Bank of Nigeria (CBN) has announced a downward review of charges for electronic banking transactions in its revised guidelines to charges by Banks, Other Financial Institutions (OFIs) and Non-Bank Financial Institutions.

A circular by Chibuzor Efobi, for the Director, Financial Policy and Regulation Department, stated that the review was in response to “further evolution in the financial industry in the last few years’’.

The apex bank stated that the new guide included review of other bank charges to align with market developments.

It stated that it also comprised inclusion of new sections on accountability /responsibility and a sanction regime to directly address instances of excess unapproved, (arbitrary) charges.

It added that the revised guidelines took effect from Jan.1.

The News Agency of Nigeria (NAN) reports that the CBN has the mandate to issue the guide to bank charges.

The guide provides a basis for the application…

Source: News Agency of Nigeria