“Why We Cut Down Bank Charges Starting From January, 2020” – CBN Finally Opens Up

Date: 23-12-2019 4:27 pm (1 year ago) | Author: Chris Brazz
- at 23-12-2019 04:27 PM (1 year ago)
(m)


The Central Bank of Nigeria (CBN) yesterday reduced all bank charges, with some getting more than 50 per cent cut, with effect from January 1, 2020.

According to the apex bank, the decision, which came amid public outcry against multiplicity and value of the charges, is aimed at making financial services more accessible and affordable to various stakeholders in the economy.

The reviewed charges and fees for banking services are contained in the new “Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions,” which now supersedes the 2017 version.

The CBN said the new charges were “arrived at after extensive consultations with stakeholders and the action is expected to enhance flexibility, transparency, and competition in the Nigerian banking industry.”

The guide stipulates a penalty of N2million per infraction or as may be determined by the CBN as a guard against excess, unapproved or arbitrary charges by banks and other financial institutions.

Besides, failure by any bank to comply with the CBN’s directive in respect of any infraction shall also attract a further penalty of N2million daily or as may be determined by the apex bank, until the directive is complied with.

To emphasise the seriousness of the new rule, the Director of Corporate Communications Department, CBN, Isaac Okorafor, said the banks had been directed to henceforth log every complaint received from their customers into the Consumer Complaints Management System (CCMS).


Posted: at 23-12-2019 04:27 PM (1 year ago) | Gistmaniac

fire TRENDING GISTS fire

TODAY'S TOP
  1. Nigerians Calls For Sack of Finance Minister, Zainab Ahmed After CBN Admits Printing Money

  2. Woman Beats Up Her Boss With A Mop Stick For Sending Her Sexual Texts (Video)

  3. “My Dog Looks Better Than You” – Musician, White Lion Slams Nigerian Porn Star, Wunmi Savage

  4. OMG! Two Secondary School Students Shot Dead During Attack On A Bank In Anambra (Video)

  5. EXPOSED! How Kogi Deputy Gov, Onoja Corruptly Acquired Multi-billion Naira Properties In FCT

  6. You Will Become Broke As Wizkid – Fan Warns Burna Boy Over Competition With Davido

  7. SAD! Unidentified Pregnant Woman Dies Inside A Commercial Bus In Anambra State (Photos)

  8. "Why There Will Be No Election In Yorubaland In 2023" - Igboho’s Aide, Olayomi Koiki

  9. Photos & Names Of 27 Suspected Internet Fraudsters Arrested In Lagos (Photos)

  10. I Was Paid N20,000 To Strangle Two Brothers To Death – Abia Murder Suspect, Chukwuebuka Nnamani

  11. "P-Square’s Problem Is Bigger Than The Music" – Peter Okoye A.K.A. Mr P (Video)

  12. I Don't Want To Have Kids, I Would Rather Adopt - Busty Actress Monalisa Stephen Declares

  13. Police Arrests Wanted Criminal, Rasheed Isiaka Terrorizing Ikorodu (Photo)

  14. Let My People Go! Pastor Giwa Warns Buhari To Allow Biafra, Oduduwa Go Now

  15. NYSC To Consider Deploying Corps Members To Ghana, Other West African States

  16. Lady Tells How Her Little Sister's Savings Disappeared After 'Dashing' A Roadside Beggar Money

  17. LAUTECH VC, Michael Ologunde Fired By Oyo State Governor, Seyi Makinde

  18. Photos & Names Of The Six Miners Killed By Suspected Fulani Militias In Plateau State

  19. "A Nollywood Actress Burnt My Skin Years Ago "- Actress, Halima Abubakar

  20. YouTube Blocks Prophet TB Joshua's Channel For ‘Casting Out Homosexuality’ From Church Members


THIS WEEK
  1. Prince Phillip Won’t Be Buried Until The Queen Dies

  2. You're a Disgrace – Nigerian Pastor Blasts Super Eagles Legend, Jay Jay Okocha (Video)

  3. 'I Pay Boys to Sleep With Me And Give Me Oral S3x' Naomi Gold, Popular Celebrity Confesses

  4. Shocking Video Of Drug Dealer Executing US Police Officer During Traffic Stop In Broad Daylight

  5. Jackie Chan Moves To Donate His Entire Fortune to Charity, Leaves His Only Son With Nothing

  6. Late Billionaire Bolu Akin-Olugbade’s Rolls Royce is Up For Sale

  7. EXPOSED: Check Out Names Of Past Nigerian Governors Linked With N30billion Properties In UK

  8. Prince Philip Will Not Rest In Peace, He Destroys So Many Generations - Shade Ladipo

  9. LMAO! Lady Narrates How A Man Who Gave Her A Free Lift Sent Her To Buy Roasted Corn

  10. VIDEO: Nigerians React As Soldier Was Spotted Escorting Crossdresser James Brown to The Market


TOP MEMBERS: