hmmmmmmmm!

0955eb027:

What part do you not understand?

What is MPR (to a layman)?

And what exactly are they saying here, especially the emboldened?

Thanks


For local currency loans, the CBN says interest rates are negotiable but should reflect MPR.
Thus, when banks want to charge you interest rate on loans it will be MPR plus XX%.
Banks are also mandated to notify their customers 10 business days in advance whenever there is a rate change.
For mortgage refinancing, the CBN says rates are negotiable subject to a maximum of MPR plus 5%
This means those seeking mortgage loans can expect to pay at least 19%, based on the current MPR of 14%.
For defaulters, the CBN places a maximum of 1% flat per month of unpaid amount in addition to charging current rate of interest on outstanding debt.
Management fees charged on loans is limited to a maximum of 1% of the principal amount disbursed and should be a one-off charge.
Facility Enhancement fee will attract a negotiable but subject to a maximum of 1% of the additional charge discharged. For example, if you collected a loan of N100m and decided to add an extra loan of N10m from the same bank under the same facility, the bank will only charge a maximum one-off fee of 1% of the N10 million.

The mortgage interest rate in Nigeria is still very high.

They force us to go cashless, and then:

For every withdrawal, we pay
Deposit, we pay
Even same bank transfer, we pay
SMS alert, we pay
ATM card, we pay
Token for the transactions, we pay

Someone should tell me why I should have my money banked when they charge me for virtually every thing...yet, I no see interest.

Gtb is becoming the worst. Some days ago, they debited me 500 naira for nothing. I spent 300 naira to call them(because the stupid customer service kept me on hold for minutes on end), only for them to say I bought airtime from my account sometime last year and I wasn't debited then. So they are debiting me now. Gtb really

Eco bank will keep sending you credit alert and your balance will be reducing

Interest Credit = N10
Prev balance = N200
Avail balance = N190

Ecobank 200+10=190 There is God oo!!

Pls, who has a living grand parent here? I need them to tell me how they saved their money in those days cos I'm tired of them banks. I no kuku get the money to give them sef plus, I don't trust my village people

0955eb027:
Who do you bank with? Issuance of ATM cards have always being N1,000 naira. Your bank has been extorting you al dis while.

For real?

LionDeLeo:


What is MPR (to a layman)?

And what exactly are they saying here, especially the emboldened?

Thanks


For local currency loans, the CBN says interest rates are negotiable but should reflect MPR.
Thus, when banks want to charge you interest rate on loans it will be MPR plus XX%.
Banks are also mandated to notify their customers 10 business days in advance whenever there is a rate change.
For mortgage refinancing, the CBN says rates are negotiable subject to a maximum of MPR plus 5%
This means those seeking mortgage loans can expect to pay at least 19%, based on the current MPR of 14%.
For defaulters, the CBN places a maximum of 1% flat per month of unpaid amount in addition to charging current rate of interest on outstanding debt.
Management fees charged on loans is limited to a maximum of 1% of the principal amount disbursed and should be a one-off charge.
Facility Enhancement fee will attract a negotiable but subject to a maximum of 1% of the additional charge discharged. For example, if you collected a loan of N100m and decided to add an extra loan of N10m from the same bank under the same facility, the bank will only charge a maximum one-off fee of 1% of the N10 million.

MPR means Monetary policy rate. It is reviewed every 3months by a group, consisting of 11memebers(dont know how they came about the members), but its chaired by the CBN Governor.
It serves as benchmark to what interest rate banks could demand for loans they give out.
So bank A cant just decide to give out loans with very little interest rate so as to win customers over, which in a way will be detrimental to bank B.

smartty68:

"Banks are allowed to charge card maintenance fees at $20 per annum (or its equivalent) for foreign currency denominated debt/credit cards.
Naira debit/credit cars will cost N50 monthly in card maintenance fees.
Banks will also charge you N1,000 one-off charge for issuance of debit cards. If you lose the card and want it replaced it will also cost N1000 one-off."

Now you get it?

Okay thanks for the enlightenment.
However the card maintenance is not clear to me.

Let me get you right are you saying either there is transaction or not N50 will be charged monthly on master card

4.2% per annum on savings deposit. The same bank will charge 60% per month from small borrowers .

okay.

uboma:





For real?

Yeah, for real.
You see, the CBN, being the apex bank brings out all this policies to guide the dealings of banks.
That's why there aint much difference between bank A and bank B.
If your bank does contrary to what the CBN instructs, and you start getting unexplainable debits/charges.
All you have to do is forward complaints to the right department in rhe CBN, and the necessary action will be carried out.

0955eb027:

MPR means Monetary policy rate. It is reviewed every 3months by a group, consisting of 11memebers(dont know how they came about the members), but its chaired by the CBN Governor.
It serves as benchmark to what interest rate banks could demand for loans they give out.
So bank A cant just decide to give out loans with very little interest rate so as to win customers over, which in a way will be detrimental to bank B.

Thanks

LionDeLeo:
You are talking to the public (layman) but you keep using your professional jargons, and you ended up not saying much.

If every one is to use his/her professional language in all discussions, I doubt if you will understand anything from some.

story! story! story!... & No be only layman you forgot to mention lameman but if its turn to use your koboko on wailers, then you'd understand professional jargon

OP, I dey enjoy you like garri & sugar. Banks are the biggest cheats ever. Soon we would be paying hall charge & over-the-counter charges


The smiling one

Old news

sunshineV:
If u read everything pls summarize

Summary of the whole poo is your money is not safe anywhere. You keep it at home someone gets 5% just to whistle, take it to bank they will keep deducting from it for unexplainable services.

What of POS ?
What is the acquisition cost and the rates applicable per transaction and any other associated cost if any ?

gberra:
story! story! story!... & No be only layman you forgot to mention lameman but if its turn to use your koboko on wailers, then you'd understand professional jargon

OP, I dey enjoy you like garri & sugar. Banks are the biggest cheats ever. Soon we would be paying hall charge & over-the-counter charges


The smiling one

Time to leave this country

davide470:
Token N3500 Is Inflation affecting price of token too?? and this CBN people want to do cashless banking!

Token should be N1,500 maximum


Btw, Adesiji77, MPR is 14%

my broda The Thing tire me o...I got my gtb token for 2050 + 50 whatever charges they called it...making it 2100...just imagine for token that expires in 7years time

Your own bank.

Xtaceeey:


#10 how Na? Which customer information officer told u that? Why do ppl just say anything just to be heard? Pls it's #4 per SMS. Calculate am well.


Did I see MPR 16%? Are u sure about that? @OP

It seems you work in a bank. Do you know how this affect charges for wire transfer using your naira account. I was charged 60,000 naira by diamond and first bank to initiate wire transfer to US.I was so pissed. Who does that?

oyienootieno:


Summary of the whole poo is your money is not safe anywhere. You keep it at home someone gets 5% just to whistle, take it to bank they will keep deducting from it for unexplainable services.

but I don't have anything dat I can call money....can't even sub #25 airtel mid night plan

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Rexnegro:

my broda The Thing tire me o...I got my gtb token for 2050 + 50 whatever charges they called it...making it 2100...just imagine for token that expires in 7years time

Seems I was told my token will expire after 3years.... FBN

Debit Cards has always been 1000 exclusive of vat, you eventually get debited 1050 vat inclusive.

That's a good move in the right direction

smartty68:

"Banks are allowed to charge card maintenance fees at $20 per annum (or its equivalent) for foreign currency denominated debt/credit cards.
Naira debit/credit cars will cost N50 monthly in card maintenance fees.
Banks will also charge you N1,000 one-off charge for issuance of debit cards. If you lose the card and want it replaced it will also cost N1000 one-off."

Now you get it?

that's the flaw in the new policy its should be yearly Nd why are they promoting online transactions if there won't be any insentives.

0955eb027:

MPR means Monetary policy rate. It is reviewed every 3months by a group, consisting of 11memebers(dont know how they came about the members), but its chaired by the CBN Governor.
It serves as benchmark to what interest rate banks could demand for loans they give out.
So bank A cant just decide to give out loans with very little interest rate so as to win customers over, which in a way will be detrimental to bank B.

MPR is reviewed every 2 months.

Olaide1295:
CBN is trying to regulate the banking industry. They should request data from these banks before making decisions. This clause here will make bank milk customers more.
"Electronic fund transfers will now incur a charge of N50 if below N10 million. Transfers above N10 million will also cost N50 flat."
Half the country now relies on electronic transfers especially GT banks *737#
This clause alone will hep banks and interswitch make more billions

Currently it's 105 NGN per transfer to other bank.

CBN will say they are encouraging something, yet they will be churning out policies that are in the opposite direction. Instead of reducing the price if token to encourage cashless banking, they are increasing the price to 3500 nawa

sunshineV:
but I don't have anything dat I can call money....can't even sub #25 airtel mid night plan

Then go in peace this policies has nothing to do with you for now.... yes for now because you go still hammer..

First bank will not like this latest development