NECA Commends CBN on Review of Bank Charges

NECA Commends CBN on Review of Bank Charges

THE Nigeria Employers’ Consultative Association (NECA) has commended the Central Bank of Nigeria (CBN) on the newly-released “Guide to Charges by Banks and other Financial Institutions”, which reviewed downward some electronic banking transaction charges.

According to Director-General, Mr. Timothy Olawale, the new guideline is indeed, a welcome development, as it will make financial services more accessible and affordable to various stakeholders in the economy.

Olawale further noted the Guideline will encourage Nigerians to be more aligned with the Cashless Policy of the CBN.”

He applauded the reduction in the remote-on-us (from other bank’s ATM) to maximum of N35 after third withdrawal within the same month from N65.

On the Electronic Funds Transfer, Olawale said: “Although the new guideline introduced new additions for transactions below N50, 000, attracting N25 and N10, we suggest that transactions of N100,000 and below should fall within the newly reviewed charges of N25, taking into account the low income earners.”

Specifically, he drew the attention of the CBN to the Real Time Gross Settlement (RTGS) charge, which was reviewed upward from N750 for transaction of N500, 000 and above to N950.

“We are of the opinion that in the spirit of benevolence demonstrated by the CBN, if the charges cannot be reviewed downward to about N300, status quo of N750 should subsist,” he said.

While expressing hope for the successful implementation of the new Guidelines, the NECA’s director-general called for a cancellation of N50 POS charge on Stamp Duties still in operation.

He said: “The conspiracy of the N50 Stamp Duty charge is a burden on Nigerians and businesses. As the citizens grapple under the weight of inflation and eroding purchasing power, these charges, under any guise tend to further impoverish the banking populace.

“Efforts should be made to deliberately align monetary policy with the fiscal policies in order to drive development of the economy.

He urged that aggressive sensitization should be embarked upon to enable customers acquaint themselves with the provisions of the Guideline and be properly guided.”

Olawale, however, called on the CBN to promote policies and guidelines that facilitate the ease of doing business and banking in the country.

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