CBN Revise Guide To Bank Charges

The Central Bank of Nigeria (CBN) had revised the card maintenance charges in the new guide which was released last month from N100 annually to N50 monthly.

This means every debit or credit card holder will pay N600 annually as against the N100 being paid previously.

According to data released recently by the Nigeria Inter Bank Settlement System (NIBSS) the central database for banking transactions in the country show that as at September 30, 2016, there are 29.24 million active cards being used by the 63 million active bank customers.

The new Guide to Bank Charges stipulates that banks charge N50 monthly as card maintenance fee on naira debit and credit cards, while foreign currency denominated debit and credit cards would be charged $20 or its equivalent on an annual basis.

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