The Central Bank of Nigeria (CBN) has issued a revised Guide to Charges by Banks, Other Financial and Non-Bank Financial institutions in the country.
The development is in response to the evolution in the financial industry over the last few years.
“In a bid to encourage financial inclusion and to reduce the burden of bank charges on consumers of financial service, CBN has issued a revised Guide to Charges by Banks, Other Financial and Non-Bank Financial institutions in response to the evolution in the financial industry over the last few years.
“CBN new guide includes, amongst others, downward review of charges for electronic banking transactions; review of other bank charges to align with market developments, and inclusion of new sections on Accountability/Responsibility and a Sanction Regime to directly address instances of excess, unapproved and/or arbitrary charges.
“The revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions takes effect on January 1, 2020,” CBN stated.
More details shortly…
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