Thursday, January 2, 2020

New CBN Reduced e-Banking Charges By Banks for 2020

Following CBN's revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, banks in Nigeria has started to release the new Reduced Charges as the year 2020 begins.

Charges on First bank electronic banking channels have been reviewed downwards and would take effect from 1 January 2020.

You can now carry out more transactions at reduced charges as shown below:

1) Electronic Transfers

  • Transfers below N5000: Old Charges - N52.50, New Charges - N10.00 li> Transfers between N5,001 To N50,000: Old Charges- N52.50, New Charges - N25.00
  • Transfers above N50.000: Old charges - N52.50, New charges - N50.00

2) ATM Withdrawals

  • Charged after 3rd withdrawal on another Bank's ATM in the same month: Old charges - N35.00, new charges - N35.00

3) Card Maintenance

  • Foreign Currency Account: Old Charges - $20 per annum(or its equivalent), New Charges - $10 per annum(or its equivalent)
  • Savings Account: Old charges - N50.00 monthly, new charges - N50.00 quarterly
  • Current Account: Old Charges N50.00 monthly, New charges - No charges

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