No more N65 charge when withdrawing from another bank’s ATM from Jan 1, 2020 – CBN; See reasons

The Central Bank of Nigeria (CBN) in a bid to encourage financial inclusion and to reduce the burden of bank charges on consumers of financial service has released a new CBN guide.

The financial body confirmed this via its twitter account @cenbank on Sunday, December 22, 2019.

See tweets below:

Chief among the review contained in the CBN new guide includes, amongst others; downward review of charges for electronic banking transactions.

The debit charge of N65 charged customers by banks for using other banks’ ATM after 3 withdrawals in a month has been reviewed.

Effective January 1, 2020, banks will now charge N35. The charge has been reduced by about 50%.

See screenshot of the schedule:

This is good news to Nigerians who have been complaining of this high debit charge of N65 on withdrawals from other banks

Abeeb Olalekan

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