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Slash on ATM withdrawal fee, others will boost banks’ bottom line – CIBN

The Chartered Institute of Bankers of Nigeria (CIBN) has reacted to the decision by the CBN to slash withdrawal fees on Automated Teller Machines,

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Slash on ATM withdrawal fee, others will affect banks’ bottom line - CIBN

The Chartered Institute of Bankers of Nigeria (CIBN) has outlined the effects of the decision of the Central Bank of Nigeria (CBN) to slash withdrawal fees on Automated Teller Machines (ATM) and others.

Chairman, CIBN, Uche Olowu, explained that the impact of the decision might be felt negatively in the short term but would be favourable in the long run to the lenders. 

Customer complaint against excess/unauthorized charges hits 1, 612 - CBN 

Nairametrics had previously reported that a new directive contained in the new Guide to Bank Charges, stated that the withdrawal fee charged for the use of other banks’ ATM had been reduced to N35, from N65 earlier charged.

Also, the card maintenance fee was reviewed to N50 every three months (quarterly) from the initial monthly period. The guide released by the CBN contains major changes in electronic transactions’ charges in Nigeria. 

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Speaking on the withdrawal cut, Olowu said as financial inclusion rises in the country, the bottom line of banks would rebound. And with investment diversification by the banks, the banking sector would be exposed to more revenue opportunity.

 “So, the implication is that it will affect the bottom line of the banking industry in the short term. 

“But, as more people access financial services, at long terms, the banks will be better off for it.”

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[READ MORE: CBN says Nigerian banks’ assets and liabilities are now at N41.42 trillion)

Meanwhile, the Minister of Communications and Digital Economy, Isa Pantami had commended the directive, stating that lower service charges would encourage higher patronage of electronic services. 

What you need to know about the review 

  • The cost to either obtain a new hardware token or a replacement is reduced from N3,500 to N2,500. 
  • Bills Payment (Including Bills Payment through other E-channels) has been reduced to a maximum of N500 (negotiable) per beneficiary from N1,200. 
  • Charges on electronic funds transfer have been reviewed to N10 on transaction below N5,000, N25 on the transaction between N5,001 – N50,000 and N50 on transaction above N50,000. 
  • Charges on foreign currency denominated debit/credit cards have been reduced to $10 per annum from $20 per annum. 
  • Also, Card Maintenance Fee on Naira debit/credit cards is reviewed to N50 every three months (quarterly), from the initial N50 monthly. 
  • However, transaction alert on consumer-induced transactions remains N4 while no charge for bank-induced transactions. 
  • The CBN also removed Card Maintenance Fee on all cards linked to current accounts and also instructed banks to charge a maximum of N1 per mille for customer induced debit transactions to third parties, and transfers or lodgments to the customers’ account in other banks on current accounts only. 

Note that any financial institution that breaches any of the provisions as contained in the new guide will pay a penalty of N2 million per infraction or as may be determined by the CBN from time to time.

 

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

1 Comment

1 Comment

  1. Otito

    December 30, 2019 at 10:44 am

    I take it that the use of the title “Chairman of CIBN” was purely an error. Else, it is below level for a financial research/analysis website

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Energy

BREAKING: It makes no sense for oil to be cheaper in Nigeria than Saudi Arabia – President Buhari

Nigeria sells petrol at N161 per litre when the same is sold at higher in Saudi Arabia, Egypt, Ghana, Chad, and Republic of Benin.

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NDDC, Cash transfer, President Buhari, non-oil Exports, oil revenue, export revenue, FG Waives import duties for medical supplies, Orders Customs to expedite clearing, Presidency faults report on Kyari as Buhari didn’t cancel memos, appointments approved by him

The Federal Government has said that it does not make sense for oil to be cheaper in Nigeria than Saudi Arabia, Egypt, Niger Republic and Republic of Benin, other oil-producing nations.

This was disclosed by President Muhammadu Buhari during his Diamond Jubilee Presidential Broadcast to mark the nation’s 60th independence anniversary on Thursday.

He said, “We sell petrol at N161 per litre when same is sold at N168/litre in Saudi Arabia, N211/litre in Egypt, N362/litre in Ghana, N362 in Chad, and N346 in Niger Republic among others.

“It does not make sense for petrol to be cheaper in Nigeria than Saudi Arabia.

Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.”

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Tech News

Google launches Chromecast with Google TV

Google unveils the Chromecast device to stream contents from Walt Disney Co’s Disney+ and Netflix.

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Google set to extend footprints with acquisition of smartwatch company, Fitbit  , Google wants to start banking with you ,Google partners Flutterwave to train 5,000 merchants, Google to pay Online publishers for high quality contents

Alphabet Inc’s Google, some hours ago, launched Chromecast with Google TV, a hardware platform designed to show contents from leading streaming services like Walt Disney Co’s Disney+ and the most popular streaming service company, Netflix.

The tech juggernaut unveiled the Chromecast streaming device that now comes with a remote control. It will cost $49.99 in the U.S, and will be available in other countries by the end of 2020.

The real advantage this device holds looks to be the underlying search smarts that serve as the foundation for so much of what Google does. Here’s the company discussing the new feature in a blog post:

“Google TV’s For You tab gives you personalized watch suggestions from across your subscriptions organized based on what you like to watch—even your guilty pleasure reality dramas. Google TV’s Watchlist lets you bookmark movies and shows you want to save for later.

You can add to your Watchlist from your phone or laptop, and it will be waiting on your TV when you get home. 

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Best of all, you’ll also have access to thousands of apps and the ability to browse 400,000+ movies and TV shows sorted and optimized for what you like—ask Google Assistant to see results from across your favorite apps, like YouTube, Netflix, Disney+, Stan, 9Now and ABC view, among others.”

The new Chromecast with Google TV comes in a compact and thin design and is packed with the latest technology to give you the best viewing experience. It neatly plugs into your TV’s HDMI port and tucks behind your screen.

Hardware composition:

  • Switching it on, the new Google Tv comes with a crystal clear video in up to 4K HDR at up to 60 frames per second in no time. With Dolby Vision, you’ll get extraordinary color, contrast, and brightness on your TV.
  • The Hardware also supports HDMI pass coupled with Dolby audio content.

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Coronavirus

COVID-19 Update in Nigeria

On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,848 confirmed cases.

On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 2,549 samples across the country.

To date, 58,848 cases have been confirmed, 50,358 cases have been discharged and 1,112 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 509,555  tests have been carried out as of September 30th, 2020 compared to 507,006 tests a day earlier.

COVID-19 Case Updates- 30th September 2020,

  • Total Number of Cases – 58,848
  • Total Number Discharged – 50,358
  • Total Deaths – 1,112
  • Total Tests Carried out – 509,555

According to the NCDC, the 201 new cases were reported from 13 states- Lagos (77), Rivers (37), Plateau (25), FCT (13), Kaduna (12), Ogun (12), Adamawa (8), Taraba (7), Imo (4), Kwara (2), Osun (2), Abia (1), Oyo (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,461, followed by Abuja (5,709), Plateau (3,450), Oyo (3,261), Edo (2,626), Rivers (2,432), Kaduna (2,419), Ogun (1,850), Delta (1,802), Kano (1,737), Ondo (1,631), Enugu (1,289), Ebonyi (1,040), Kwara (1,036), Abia (895), Gombe (883). Katsina (861), Osun (839),  Borno (745), and Bauchi (699).

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Imo State has recorded 572 cases, Benue (481), Nasarawa (450), Bayelsa (399),  Jigawa (325), Ekiti (321), Akwa Ibom (288), Niger (259), Adamawa (248), Anambra (237), Sokoto (162), Taraba (102), Kebbi (93), Cross River (87), Zamfara (78), Yobe (76), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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