In furtherance of CBN’s quest to make financial services more accessible and affordable to various stakeholders in the economy, the Central Bank of Nigeria (CBN) on Sunday, reduced the withdrawal fee charged for the use of other banks’ Automated Teller Machines from N65 to N35.

The new guideline signed by Chibuzo Efobi for CBN Director, Financial Policy and Regulation Department, showed a downward review for electronic banking transaction charges to align with market developments.

Thelagostimes gathered that the new directive is set to take effect on January 1, 2020.

The N35 ATM fee according to the CBN should be imposed on customers after the third withdrawal within one month.

It also removed Card Maintenance Fee on all cards linked to current accounts, and also asked banks to charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other bank on current accounts only.

The directive reads in part, “Financial Institutions are to note that any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time.

” Failure 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.”