The Guide to Bank Charges issued by the Central Bank of Nigeria (CBN) provides a basis for the application of charges on various products and services offered by banks and other regulated institutions under its purview. The Guide which was first released in 2004, was revised in 2013 and 2017 in the light of market developments, such as new innovations in products and/or channels and new industry participants.
In the same vein, the CBN hereby issues a revised “Guide to Charges by Banks, Other Financial & Non-Bank Financial Institutions” in response to further evolution in the financial industry over the last few years.
The new Guide includes, amongst others:
- Downward review of charges for electronic banking transactions;
- Review of other bank charges to align with market developments; and
- Inclusion of new sections on Accountability/Responsibility and a Sanction Regime to directly address instances of excess, unapproved and/or arbitrary charges.
The revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions takes effect on January 1, 2020.
Click here to read full PDF copy of Revised Guide to Banks, OFIs and Non-Bank Financial Institutions
