Effective from last week Friday, January 1, 2016, Nigerian banks are expected to charge nothing as Commission on Turnover (CoT) according to the gradual phase-out plan of the Central Bank of Nigeria (CBN).
The CBN in April 2013 had revised the guidelines on bank charges, introducing the gradual phasing out of commission on turnover.
The revised guideline had introduced a gradual reduction of CoT from N5 per mile (per N1000) in early 2013 to N3 per mille or N1000, N2 per N1000 in 2014 and is to be N1 per N1000 in 2015 and finally phased out effective January 1, 2016

Although some banks had stopped charging CoT, some others still charge and in some cases above the stipulated N1 per mille which it was last year. Also for some banks, the amount charged as CoT depends on the customers’ relationship and ability to haggle with the bank.
Last year, the apex bank had ordered deposit money banks to refund illegal fees charged customers over a period of one year, giving them 30 days to refund the excess charges or face severe penalties.

Specifically, the central bank said some banks had been overcharging customers on the Commission on Turnover while some lenders had also imposed illegal maintenance fees on the CoT-free accounts.

Source: https://www.today.ng/business/61068/all-nigerian-banks-to-commence-zero-cot?utm_source=&utm_medium=twitter

Access no go survive am

ok

Nice development!

Thieving banks.

Lazy banks who just invent names of charges and deduct from your account.

Diamond Bank, what is ''Mnemonics Charge''? Ehn?

And why do you charge COT on a Salary Current Account for Civil Servants?

Anyway, I hope besides COT they will reduce other charges as well.

While I understand the cost of operating in a country like Nigeria,

I still think the Banks can be friendlier in their deductions.

A diamond bank staff was still telling me as at today that the CBN is yet to officially advice them on the complete removal. Who do we believe now?

Thanks to Sanusi

Hallelujah...na xo dem go cancel the DEBIT CARD restrictions IJN!!!

GTBank
First Bank
Stanbic IBTC


Oya, free me. Enough is enough.


GTBank seems to be charging something else. They charge me too much.