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CBN cancels over-the-counter transaction charges

19 May 2014, 18:00

Lagos - The recent outcry by bank customers over arbitrary charges by deposit money banks has moved the Central Bank of Nigeria (CBN) to take strong measures against these banks for continuing to fleece customers.

The apex bank has directed all banks to stop charging their customers any fee for withdrawing smaller amount of money through the counter, reports The Guardian.

The bank has directed banks’ customers to report such anomaly to appropriate quarters for action.

The charges were introduced in 2013 to compel people to embrace and use the electronic payment channels at the onset of the cash-less project.

Read more at The Guardian.

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