Updated: CBN Republishes Charges On Electronic Transactions, Lists Correct Electronic Bank Fees

49 12/06/2022

PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!

The Central Bank of Nigeria (CBN) has republished the correct charges for electronic banking operations reminding financial institutions and the public on expected charges on every transactions.

The guideline was signed by Chibuzor Efobi, for the Director, Financial Policy and Regulation Department of CBN and republished on Tuesday, 27 January 2022.

The guideline included review of other bank charges to align with market developments and was first publishedin 2004 and revised in 2013, 2017, 2019 and 2020.

Read also

Updated: CBN Republishes Charges On Electronic Transactions, Lists Correct Electronic Bank Fees

Fuel subsidy: Transport fares soars 283% in January, says NBS

Part of the CBN guidelines also comprised sections designed to directly address instances of excess unapproved, (arbitrary) charges.

Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng!

The News Agency of Nigeria (NAN) in its report noted that the CBN has the mandate to issue the guide to bank charges.

Here are some of the major electronic charges first made public on December 2019

Read also

Four Top Nigerian bank CEOs kick off 2022 in riches. Here is how much they made in January 2022

Nigeria largest banks by customer deposits

Meanwhile, total customer deposits in nine Nigerian banks climbed to N30.81 trillion at the end of the first quarter of this year, up from N29.73 trillion in December 2020.

United Bank for Africa Plc was the top bank in terms of customer deposits as of March 31, 2021, with deposits growing to N5.79 trillion from N5.68 trillion in December.

Others were revealed in the report which used public information from the banks audited accounts published on the Nigerian exchange website.

Source: Legit.ng

Latest: The U.S. is considering a radical rethinking of the dollar for today's digital world
Next: How Crypto gaming (GameFi) is emerging as the new way to make money
Popular Articles/span>
Back to top