Bank customers in Nigeria will from this month will be paying a N50 monthly card maintenance fee instead of a yearly N100. This simply means that every year, each bank customer would be paying N600 instead of N100 – representing a N500 increment.

The Central Bank of Nigeria (CBN) is behind the tariff hike and it affects debit and credit cards and the implementation will begin from May 1, 2017. The CBN said this new tariff is in line with review of chargesby banks and other financial institutions in the country.

According to media report, the “Guide to Charges by Banks and Other Financial Institutions” provides a basis for the application of charges on various products and services offered by the banks and other financial institutions in Nigeria to their customers. Kevin Amugo, CBN’s Director of Financial Policy and Regulation Department, said the charges came after extensive consultation with stakeholders.

“The aim of the guide is to enhance flexibility, transparency and competition in the Nigerian banking industry,” he said.

According to Amugo, “where a charge is stipulated as “negotiable”, banks and other financial institutions are required to draw the attention of customers to their rights to negotiate and the two parties are required to mutually agree on the applicable interest and/or charge via a verifiable means.”

Source: http://innovation-village.com/cbn-increases-card-maintenance-fee-n100-n600/

Same way smoke test peddlers​ are disturbing private car owners upandan while ignoring trucks, commercial vehicles and motorcycles...

What nonsense!

Only God knows what these banks are charging her customers and posting huge profits.

It is not news to say that recession has impacted negatively on the income of average Nigerian and savings suffer most. Also, banks do not give out loans as they are fighting hard to meet withdrawal obligations. Yet they post such profit as if they are immune to recession.

Am not surprised. Nothing surprises me anymore in Nigeria.