Bank Customers To Pay N17.54bn As Card Maintenance Charges
source: http://www.eyesoflagos.com/2017/05/bank-customers-to-pay-n1754bn-as-card.html

Bank customers in Nigeria will pay not less than N1.462 billion to banks as card maintenance charges every month totaling N17.544 billion in a year beginning from May 2017, as the revised Guide to Bank Charges take effect from this month.
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.
Charges for new hardware token and for replacement was increased from N2500 to N3,500, while one time soft token is to attract a SMS charge of N4 compared to N20 that was being charged by some banks.
It however left the rate for acquiring new debit and credit card, renewal or replacement of the cards at a one off charge of N1,000, while not-on-us, which is withdrawal from other banks Automated Teller Machines (ATM), would attract a charge of N65 after the third withdrawal within a month.
The new charges however favour electronic transfers as the charges for online transfers between two banks were cut from N100 to N50. Before now, interbank transfers either through the mobile banking application or internet banking attracts a N100 charge and N5 Value Added Tax. This has however been cut down. The amount to be paid for printing of account statement was also cut down from N50 per page to a maximum of N20 per page.
Bank customers led by Consumer Advocacy Foundation of Nigeria (CAFON) had last year protested excessive bank charges. CAFON launched a campaign against the introduction of Stamp Duty charge of N50, Current Account Maintenance Fee and excessive bank charges, calling on bank customers to boycott all banking services in March last year.
Founder of the group, Sola Salako told LEADERSHIP that, “It looks like the CBN is insensitive to the plight of Nigerians who are already complaining that charges are excessive. Why should they add to the charges? If they are trying to encourage a cashless Nigeria, why would they now make it more difficult and expensive to do transactions?”
The CBN recently suspended the nationwide implementation of the cash less policy which was to take effect from April 1, 2017. The apex bank also directed banks to revert to the old charges and refund customers who had been debited.
According to the cashless policy banks were directed banks to charge five per cent and 10 per cent on deposits and withdrawals above N40 million in the corporate category. The bank had fixed 1.5 per cent and two per cent for deposits ranging from N500, 000 and N1 million in the individual category.
But in the circular signed by the director, banking and payments system department, CBN, Dipo Fatokun, the existing policy before the announcement of the new policy shall remain in place in Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.
The CBN suspended the policy until further notice urging the banks to “revert to the status quo ante. The old charges to be reverted to three percent processing fee for withdrawals above N500,000 in the individual category and five percent for withdrawals above N3 million.
“The new policy already applied effective April 1, 2017 as contained in the circulars in reference above should be reversed and the old charges be applied. All necessary refunds should be made accordingly,” it added.

Okay ooo

Pls o, is there any difference between highway Robbers, politicians and Banks?

I just want to know who to trust among the 3

2nd to comment it's gonna be a good day

Apc change.....

They are pressing and squeezing us from all angles like bobby

MONTHLY Card maintenance charges??

When the card is in my wallet

If this is not institutionalised corruption then I don't know what is...

..but hey APC and its Government have managed to 'rape' Nigerians quietly! So much is happening but no one is talking!

Civil Society Groups - SILENT
ACTIVIST (Cashtivist) - SILENT
SOYINKA - SILENT (he's partying in Lagos and is only disturbed when cows eat his plants)
BAKARE - SILENT
NLC/TUC - SILENT
PDP (supposed opposition) - SILENT (abi their numbers have reduced drastically from those that have left to APC )
FALANA - SILENT

...and many more who's silence is DEAFENING!!!

APC HAVE SUCCEEDED IN MAKING THE ABNORMAL NORMAL!!! We still don't have a substantive 2017 budget and we are in May!




Meanwhile abeg na who see the report on GRASSCUTTER and JANE BOND? Abi e follow President wey promise say Political Office Holders no go travel go Oyibo Hospital again?

Goodluck Jonathan told us abt this change.... Satan der gv with left and collect with the right....but APC no der gv at all der will always collect

This is serious

Of course, the bank needs money to run....especially as we are a resource dependent society, and the money we had coming in from the resource we sell isn't much anymore.

Which kain rubbish been this now?.. Always extorting us with style..

Good ooo

Haha what Rubbish

virus05:
This is serious

Attention w.hore! That picture has nothing to do with the topic

Back to the topic: 600N is still ok compared to what some countries charge (in some cases 3 times the amount).

Modified: you will no doubt find countries with a similar GDP like Nigeria charging more as well as those charging less.

Policies that would have affected the rich are being reversed, and policies that affect the masses are being passed.

I dont understand why they have to force text message alert on everyone when before it was optional. Now even own account transfer i am getting a text alert.

This card maintenance fee is a fraud. You are pushing cashless society, and in the same breath pushing charges on people using cards.

But i'm managing my card myself nau

let me keep my money @ home jare cos I can't pay all this useless bank charges.Nigeria I hail thee

I have been charged #50 twice in a space of two days by Access Bank for Card Maintenance. I can't even complain anymore in this Country.

Buhari is back!

The Thunder that will strike this Regime for making life miserable for people is still in the bush for training.

Wetin dem dey maintain? Abi dem dey change engine oil for the card, that they will be charging N600?

This country is bless with crazy people on power... Untop how much wey dey my account?

My money is in my safe.. come and take charges

I don tire of all this nonsense

This one is another daylight robbery. I get charged 50naira by access bank every month for what they call monthly card maintenance fee. I mean this is ludicrous.
The Nigerian masses would soon get eaten up by the oligarchs Buhari has assembled into his cabinet.

I be like

simplemach:
Pls o, is there any difference between highway Robbers, politicians and Banks?

I just want to know who to trust among the 3

One wears suits, the other wears Agbada while the other one wears mask, all na the same.

Thunder way go fire bubu ehn