CBN’s downward review of charges will enhance financial inclusion – Expert


An economic expert, Mr Godwin Eohoi says the doward review of bank charges by the Central Bank of Nigeria (CBN) will further enhance financial inclusion in the country.

Eohoi stated this in Abuja while reacting to the new guidelines released by CBN where it slashed most bank’s charges.

Eohoi, also Registrar, Institute of Finance and Control of Nigeria (IFCN) said the development would encourage more Nigerians to put their money in banks.

According to him, a lot of people are sceptical to open bank account because of charges.

“With this development, I strongly believe that so many people who ran away because of bank charges will return.

“I am so exited with this reduction, this means, the CBN Governor, Mr Godwin Emefiele has listening ears, understands the yearning of people and heeds to the outcry of Nigerians over the charges.

“This is a new year gift for bank’s customers and it is a welcome development,” he explained.

The expert urged the apex bank to ensure enforcement for the banks to strictly comply with the directive for the people to enjoy the benefits of this downward review of charges.

Eohoi said he was particularly excited on the removal of card maintenance charges adding that such charges were uncalled for as they were not needed.

It would be recalled that the apex bank, in a new guideline, announced downward review of most charges and fees for banking services with effect from January 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 N50 charge.

Previously, bank customers pay N50 for electronic transfers below N500,000.

The 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.

Peace PIAK