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CBN warns bank against high charges

13 June 2014, 09:04

Abuja - The Central Bank of Nigeria (CBN) has warned that it would take appropriate sanctions against banks that continue imposing excess charges on customers.

The apex bank stated that the maximum commission on turnover (CoT) charge on customers remains N2 per mile and ordered any bank that have been charging above such limits to make immediate refund to their customers.

The directive according to the CBN is based on the Revised Guide to Bank.

The CBN has also said the directive banned banks from imposing account maintenance fees on customers.

A circular issued by CBN on the matter said: “Information available to CBN indicates that some banks are still charging CoT at the rate of N3 per mile— which was the agreed rate for 2013.

“The CBN, hereby, reiterates that the maximum CoT allowed by the Guide for 2014 is N2 per mile. Consequently, all banks that have charged excess CoT since the effective date of the Guide are hereby required to refund same to the affected customers not later than thirty (30) days from the date of this circular."

The bank added, “Our attention has also been drawn to the practice, by some banks, of charging fees which are alien to the Guide."

It said for example, some banks offered accounts that were supposedly CoT free, but imposed a maintenance or similar fee, a fee not covered by the Guide.

“While paragraph 4 of the preface to the Guide states that the charges on products and services are not exhaustive, it however requires banks wishing to levy charges not covered by the Guide to obtain the prior approval of CBN.”

- CAJ News

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