Business
Cut in Bank Charges: CBN Lists Penalties for Defaulters
- /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://pointblank.ng/wp-content/uploads/2019/04/CBN-Gov.-new-1.jpg&description=Cut in Bank Charges: CBN Lists Penalties for Defaulters', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 69
https://pointblank.ng/wp-content/uploads/2019/04/CBN-Gov.-new-1.jpg&description=Cut in Bank Charges: CBN Lists Penalties for Defaulters', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The Central Bank of Nigeria (CBN) on Sunday 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).
Additionally, they are to generate a unique reference code for each complaint lodged, which must be given to the customer.
“Failure to log and provide the code to the customer amounts to a breach and is sanctionable with a penalty of N1million per breach,” he said.
According to him, “this is the time financial services providers and their customers alike have to acquaint themselves with the provisions of the guide and be guided accordingly.”
Specifically, for cards linked to a savings account, the maintenance fee has been reduced to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600.
The guide has removed Card Maintenance Fee (CAMF) on all cards linked to current accounts. It also pegged a maximum of N1 per mile for customer-induced debit transactions on current accounts to third parties and transfers or lodgments to the customers’ current accounts in other banks.
There is now a reduction in the amount payable for cash withdrawals from other banks’ Automated Teller Machines (ATMs), known as Remote-on-Us, from N65 to N35.
Other reductions include Advance Payment Guarantee (APG), which is now pegged at a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
For all debit cards, a one-off charge at N1,000 applies to the issuance, irrespective of card type- regular or premium. The same one-off charge of N1,000 applies for the replacement of debit cards at the customer’s instance for loss, damage or expiry. Conversely, no charge shall be required for pre-paid card loading/unloading.
Okorafor explained that the current NIBSS Instant Payment charges applied to the use of Unstructured Supplementary Service Data (USSD), as purchase with cash-back will attract a charge of N100 per N20,000, subject to cumulative N60,000 daily withdrawal.
“There will be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts, while status inquiry at the request of the customer (like confirmation letter, letter of non-indebtedness and reference letter) will now attract a fee of N500 per request.
“CBN carried out the review of the guide, which also prescribes charges permissible for other financial institutions and non-bank financial institutions, to align with market developments,” he added.
The Guardian
Access Bank Plc has said that a social media post announcing a shutdown of the bank’s operations, is false and misleading.
In a statement signed by the bank’s management, and made available to the media, the Bank insisted that the notice is the handiwork of mischief makers, who impersonated the bank’s official handle.
It advised members of the public to disregard the notice, and pay attention only to verified information from the verified accounts of the bank.
Below is the full statement:
“A message impersonating Access Bank’s official handle is currently circulating on social media and WhatsApp. It is false and misleading.
“We wish to reassure our customers, partners, stakeholders, and the public that Access Bank is safe, financially strong, and fully operational across all our subsidiaries. Our services continue to run seamlessly, and we remain committed to serving our customers with the highest standards of excellence.
“We are working closely with the relevant regulatory and law enforcement authorities to identify those responsible for creating and spreading this false information to cause panic and business disruption. Appropriate legal action will be taken in accordance with applicable laws and regulations.
“We also remind members of the public that creating, publishing, and disseminating false information capable of causing public alarm, damaging reputations, or undermining confidence in institutions constitutes an offence under Section 24 of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024.
“If you receive a false and misleading message, please do not share or forward it. Instead, disregard it and rely only on information communicated through Access Bank’s official and verified channels.
“We thank our customers, partners, and stakeholders for their continued trust and confidence in Access Bank.”
Business
Ecobank Nigeria Launches Scaling Up!!! Podcast to Champion African Entrepreneurship, Business Growth
Ecobank Nigeria has launched Scaling Up!!!, its flagship business storytelling podcast designed to inspire, educate and empower entrepreneurs, founders, business leaders and the next generation of African innovators through authentic conversations with some of the continent’s most accomplished business personalities.
The podcast, which will be available on Ecobank Nigeria’s official YouTube channel and other major digital streaming platforms, reinforces the Bank’s commitment to supporting businesses beyond banking by creating a platform where entrepreneurs can learn from the experiences of successful founders, creatives and industry leaders who have built thriving enterprises across diverse sectors.
Featuring compelling conversations on entrepreneurship, leadership, innovation, resilience and business growth, Scaling Up!!! offers practical lessons and real-life insights that aspiring and established entrepreneurs can apply in building sustainable businesses.
The inaugural season features an impressive lineup of distinguished guests, including beauty entrepreneur and Founder/CEO of Beauty by AD, Adeola Adeyemi (Diiadem); renowned filmmaker and Founder of Golden Effects Pictures, Kunle Afolayan; veteran music producer and Founder of Coded Tunes, ID Cabasa; luxury fashion entrepreneur Ejiro Amos Tafiri; celebrated commercial photographer Emmanuel Oyeleke; Co-founder and Lead Interior Designer of Siriano Limited, Adewunmi Adegbola; and Founder of Windsor Gallery and Nahous Creative Hub, Richard Vedelago.
Each episode explores the guests’ entrepreneurial journeys, highlighting the opportunities they embraced, the challenges they overcame and the strategies that enabled them to build enduring brands and successful businesses.
Speaking on the launch, Head, Marketing & Corporate Communications, Ecobank Nigeria, Austen Osokpor, said: “Scaling Up!!! reflects Ecobank’s belief that empowering entrepreneurs goes beyond providing financial solutions. Through authentic storytelling and insightful conversations, we are creating a platform where business owners can learn directly from people who have successfully navigated the realities of building sustainable enterprises. It is another way we are reinforcing our commitment to driving entrepreneurship, innovation and economic growth across Africa.”
Also speaking, Head, SMEs, Partnerships & Collaborations, Ecobank Nigeria, Omoboye Odu, said: “Entrepreneurs learn best from the experiences of those who have walked the journey before them. Scaling Up!!! provides practical insights, inspiration and valuable lessons that will help founders make better business decisions, overcome challenges and unlock new opportunities for growth. The podcast further strengthens Ecobank’s role as a trusted partner supporting SMEs at every stage of their entrepreneurial journey.”
Sharing the creative vision behind the initiative, the Producer of Scaling Up !!!, Jemimah Ugiagbe said: “Our goal was to create more than just another business podcast. We wanted honest, engaging and relatable conversations that reveal the realities behind success, the setbacks, the resilience, the bold decisions, and the lessons that every entrepreneur can learn from. Every episode is designed to leave listeners informed, inspired and motivated to build businesses that create lasting impact.”
The podcast further strengthens Ecobank Nigeria’s position as a trusted partner for entrepreneurs by providing a knowledge-sharing platform that extends beyond traditional banking services. Through meaningful conversations with accomplished founders and innovators, the Bank continues to demonstrate its commitment to fostering enterprise development, encouraging innovation and promoting sustainable economic growth across Africa.
Scaling Up!!! is targeted at SMEs, entrepreneurs, founders, startups, business executives, creatives, students and young professionals seeking practical business insights from some of Africa’s most respected industry leaders.
New episodes will be released regularly across Ecobank Nigeria’s YouTube channel and other major podcast streaming platforms, offering audiences thought-provoking conversations on entrepreneurship, leadership, innovation and business growth.
Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, has been named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.
The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.
Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value. In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.
Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer and more rewarding for every customer.
“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria,” he concluded.
A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships. Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.
Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.
For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight and innovation to deliver seamless, secure and inclusive financial solutions for individuals, businesses and communities.
The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.
