CBN Proposes Extra Monthly Charges On ATM Cards

A N100-per-month charge on every debit card (typical ATM card) – separate from the existing N65 charge after the third withdrawal within the same month has been proposed by The Central Bank of Nigeria.

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”, CBN also proposed a N4,200-per-annum charge on foreign currency denominated cards as maintenance fee.

For foreign exchange related transactions, where Form M or Form A is needed to request forex from CBN, charges that were hitherto not applicable have now been proposed.

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.