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CBN Proposes New N50 Charge On Cheque Leaflets, Additional N100 ATM Maintenance Fee


CBN Proposes New N50 Charge On Cheque Leaflets, Additional N100 ATM Maintenance Fee

While many Nigerians are yet to come to terms with the recently introduced stamp duties on deposits by the The Central Bank of Nigeria (CBN), the country’s apes back is going a step further by proposing a N50-per-leaflet charge on every cheque leaflet obtained and used at the deposit money bank’s counter.
This is not the same as the collection charge on cheques, which is also proposed to be “one percent of cheque value or Naira equivalent of US $10 whichever is lower”.

The CBN  is also proposing a N100-per-month charge on every debit card (your typical ATM card) – separate from the existing N65 charge after the third withdrawal within the same month.

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 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.

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.

The circular which contains the proposed charges,  signed by Kevin Amugo, director financial policy and regulation department, reads in part.

“The Central Bank of Nigeria is currently reviewing the extant Guide to Bank Charges, which came into effect on April 1, 2013,”

“The review, which is in line with the philosophy of periodically ensuring that the provisions of the guide accord with current realities, also seek to address complaints from customers of financial services, requests for clarification on provision of the guide and absence of a tariff regime for other financial institutions in Nigeria.

“Kindly send hard copies of your comments by March 29, 2016 to the director, financial policy and regulation department with soft copies mailed to”

Guys please email the CBN o and let them know your take o, all these proposed charges here  and there we don’t want biko!

Moji is a Lawyer, online media aficionado, communications strategist, and entrepreneur in her early 30’s. Her zest and energy to succeed coupled with her very strong interpersonal skills has seen her building her blog from just a passionate hobby to a strong platform for social influence and brand. Today she has expanded to having her own company SMD Media. SMD Media consults for large corporates drawn especially from the Finance, Technology, Advertising and Media, Creative Arts sectors, where her brand has grown significant leverage and contacts. She is also the pioneer Chairperson of the Digital Media Practitioners of Nigeria-DMPN, an Association whose vision is to influence on a larger scale for a greater good to impact lives positively, ensure the standardisation and the continuous enthronement of ethical practises within the digital space . Moji is a lover of the Arts, Fashion and Entertainment with a strong plan to own her own shoe/bag line, record label, Movie production company among other things.

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