The Central Bank of Nigeria (CBN) has announced the downward review and reduction of charges associated with using electronic bank transfer and withdrawal on Automated Teller Machines (ATM).
The Apex bank made the policy decision in a bid to encourage financial inclusion and allow the unbanked and semi-unbanked that might have stayed away from electronic banking because of the associated costs into the banking system.
The announcement was made on Sunday 22 December, 2019. The CBN directed the banks and money deposit institutions (MDI’s) to effect the changes immediately on the 1st of January.
Below, we share the guide/review of the areas affected and how much the reductions are to go to.
