New bank charges will affect bottom line of banking industry — CIBN

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The Chartered Institute of Bankers of Nigeria (CIBN), said on Sunday that the downward review of bank charges would affect the net earnings and income of the Banks.

Dr Uche Olowu, the CIBN Chairman, told News Agency of Nigeria (NAN), however, that the review was designed to ameliorate people’s complaints about the charges.

“So, the implication is that, it will affect the bottom line of the banking industry in the short term.
” But, as more people access financial services, at long terms, the banks will be better off for it,” he said.

Olowu, therefore, said that the banks would look for better alternatives to fund the real sectors.

He said the banking sector would be involved in diverse services that would give the sector opportunity to make profits.

NAN reports that the Central Bank of Nigeria (CBN), announced a downward review of most charges and fees for banking services with effect from Jan. 1, 2020.

The CBN said bank customers would now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000, adding that electronic transfer above N50,000 will attract a N50 charge.

Before the review bank customers paid N50 for electronic transfers below N500,000.
The apex bank also slashed charges for cash withdrawal via other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from N65.

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News Agency of Nigeria (NAN) is a news reporting agency owned and run by the Federal Government of Nigeria just like Nigerian Television Authority.[1] On 10 May 1976 the agency was founded and established by Onitsha noble Onuora Nzekwu who was its first official Managing Director and Chief Editor. On 2 October 1978 its operations began.[2][3] NAN provides General News Service to subscribers in three bulletins published daily. The agency’s website www.nan.ng was launched on 8 August 2016, to offer news to the worldwide audience interested in news primarily about Nigeria, Africa’s most populated country. The current Managing Director of NAN is Bayo Onanuga.

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