CBN wants to introduce new charges on ATM cards

The Central Bank of Nigeria has proposed
a N100-per-month charge on every debit
card (your typical ATM card) in Nigeria.

This is separate from the existing N65
charge after the third withdrawal within the
same month.

For naira dominated cards, a monthly
maintenance fee of N100 was also
proposed for every month a debit card is
used, and a N50 charge for other months
when card is used or not.

In its draft on the “guide to charges for
banks and other financial institutions in
Nigeria”, apex bank also proposed a
N4,200-per-annum charge on foreign
currency denominated cards as
maintenance fee.

The central bank also added that Nigerians
could send in their comments on the
proposed charges, seeking clarification and
notifying the bank on excluded financial
institutions.
“Kindly send hard copies of your comments
by March 29, 2016 to the director, financial
policy and regulation department with soft
copies mailed to gbcreview@cbn.gov.ng ,"
the bank added.