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The Central Bank of (CBN) has reduced the charges of electronic transfer, ATM withdrawal and card maintenance fees.

The new charges were contained in the Guide to Charges by Banks and Other Financial Institutions released by the CBN on Sunday.

Bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge.

CBN slashed charges for cash withdrawal via Other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within the same month”.

The CBN also removed Card Maintenance Fee (CAMF) on all cards linked to current accounts, a maximum of one Naira per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other banks on current accounts only,

CBN Director, Corporate Communications, explained that the current NIP charges apply to use of Unstructured Supplementary Service (USSD), purchase with cash-back will attract a charge of N100 per N20,000 subject to cumulative N60,000 daily withdrawal.

For cards linked to savings account, a maintenance fee has been reduced to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600.

CBN declared that there will be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts while status enquiry at the request of the customer (like confirmation letter, letter of non-indebtedness and reference letter) will now attract a fee of N500 per request.

On Current Account Maintenance Fee (CAMF), the Guide expressly stated that this would be applicable only to current accounts in respect of customer-induced debit transactions to third parties and debit transfers/lodgments to the customer’s account in another bank. It emphasized that CAMF is not applicable to Savings Accounts.

According to the Director, the CBN carried out the review of the Guide, which also prescribes charges permissible for Other Financial Institutions and non-bank financial institutions, in order to align with market developments.

To guard against excess, unapproved or arbitrary charges by banks and other financial institutions, the Guide stipulates a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time for financial institutions that breach any provision of the guide.

The Guide also emphasized that failure by any bank to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time

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CBN has directed banks to log every complaint received from their customers into the Consumer Complaints Management System (CCMS) in addition to generating a unique reference code for each complaint lodged, which must be given to the customer. Failure to log and provide the code to the customer, it added, amounts to a breach and is sanctionable with a penalty of N1,000,000 per breach.

This Guide, which replaces the Guide to Charges by Banks and Other Financial Institutions issued in 2017, takes effect from January 1, 2020, and may be reviewed from time to time to reflect changes in the environment.

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Abass Sulaiman Adegoke, well known as Adegoke is a student of Federal Polytechnic Ede studying Civil Engineering, He is a media enthusiast, loves traveling, and has a special interest in personal development.

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Business

BREAKING: Access Bank seeks to buy Zambian bank

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Access Bank Plc has commenced an exclusive discussion towards full acquisition of Cavmont Bank Limited, a Zambia-based financial institution.

Access Bank is seeking to consummate the acquisition through its Zambian subsidiary, Access Bank Zambia Limited.

In a regulatory filing at the Nigerian Stock Exchange (NSE), Access Bank stated that it has entered discussions to acquire 100 per cent equity stake in Cavmont Bank Limited from Cavmont Capital Holdings Zambia Plc, the sole owner of Cavmont Bank.

While the discussions on the merger have reached advanced stage, Access Bank stated that there is no certainty yet on agreement or terms of the transaction, urging investors to exercise caution when dealing on its shares.

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According to the bank, the completion of the transaction is subject to formal regulatory approvals.

“Access Bank will update the market as appropriate and in accordance with its disclosure obligations,” Access Bank stated.

Access Bank had last year acquired Diamond Bank Plc in a merger that leapfrogged the first-tier commercial bank atop the retail banking segment.

The combination with Diamond Bank nudged Access Bank’s rating as a leading Tier 1 Nigerian bank into the largest bank in Africa by number of customers, spanning three continents, 12 countries, 3,100 Automated Teller Machine (ATM), more than 33,000 Point of Sales (PoS) terminals, 27 million clients and more than 10 million mobile customers.

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Group Managing Director, Access Bank Plc, Dr Herbert Wigwe, has said the bank’s strategic plan is to become the most important bank and gateway to Africa.

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Business

Fuel Price Increase: All Filling Station Owners In Nigeria Should Take Note Of This

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Fuel Price Increase: All Filling Station Owners In Should Take Note Of Thi

Filling station owners should take note of this on what should be done concerning the price of fuel.

 

There is no doubt that the covid-19 outbreak in Nigeria has drawn the progress of various sectors of the country back. Moreover, this might lead to a change in different sectors of the economy, as the vice president, Yemi Osinbajo had earlier said that the challenges posed by COVID-19 pandemic to the country has presented an unusual opportunity for Nigeria to reset critical sectors of it’s economy.

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In sync with this, all owners of filling station in Nigeria should consider making positive changes in the price of fuel. Considering that the incomes of citizens are draining down on a daily basis as many are left with nothing to do due to the covid-19 outbreak, owners of filling station in Nigeria Should think of how to make the price of fuel favourable.

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Filling Station Owners should never think of increasing the price of fuel, rather, they should consider decreasing the price of fuel within this hard time of Covid-19 pandemic. This will go a long way to help.

Nigerian citizens will appreciate if filling station owners will consider reducing the price of fuel.

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