The Digest:
The Central Bank of Nigeria (CBN) has increased the fee for the issuance or replacement of debit and credit cards from N1,000 to N1,500, effective from May 1. The apex bank also announced that no maintenance fee will be charged on naira-denominated debit or credit cards, while virtual cards will remain free. The revised guide to bank charges replaces the previous 2020 guidelines and applies to all financial institutions regulated by the CBN.
Key Points:
- POS payments by customers to merchants will remain free; merchants pay 0.5% service charge.
- Electronic transfers of N5,000 and below remain free; N10 for N5,000-N50,000; N50 for above N50,000.
- ATM withdrawal from another bank costs N100 per N20,000 (on-site) plus up to N500 surcharge for off-site.
- SMS alerts may be charged on a cost-recovery basis; email alerts remain free.
- Account reactivation and routine services remain free.
Sources: Nairametrics, Business Day
