In a bid to encourage financial inclusion and to reduce the burden of bank charges on consumers of financial service CBN has issued a revised Guide to Charges by Banks, Other Financial and Non-Bank Financial institutions in response to the evolution in the financial industry over the last few years.
CBN new guide includes, amongst others; downward review of charges for electronic banking transactions.
Review of other bank charges to align with market developments and inclusion of new sections on Accountability/Responsibility and a Sanction Regime to directly address instances of excess, unapproved and/or arbitrary charges.
The revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions takes effect on January 1, 2020.
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Josephine Ojevwe Ughweri
Librarian cum OIl and Gas Correspondent of Fresh Angle International Newspaper. I am a graduate of Library and Information Science, while I have undergone training in Advance Writing and Reportorial Skills.
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