The Central {Bank} of Nigeria has elevated the price for issuing and changing debit and bank cards from N1,000 to N1,500 as a part of a broader overview of banking prices throughout the {financial} system.
The adjustment was contained in a revised Information to Costs by Banks and Different {Financial} Establishments launched on Thursday, which is able to take impact from Might 1 and applies to straightforward ATM playing cards issued by banks and different regulated {financial} establishments nationwide.
In keeping with the apex {bank}, the up to date framework replaces the earlier 2020 tips and is designed to boost transparency, standardisation and competitors within the {financial} sector.
“The Information goals to boost flexibility, standardisation, transparency and competitors within the Nigerian {financial} system,” the CBN acknowledged.
The regulator clarified that whereas the issuance price has been reviewed upward, no upkeep prices will apply to naira-denominated debit or bank cards. It added that digital playing cards will stay freed from cost.
The brand new guidelines apply to all establishments underneath its regulation, together with industrial banks, microfinance banks, fee service banks and cell cash operators.
Below the revised construction, the CBN additionally maintained that point-of-sale transactions for purchasers will stay free, stressing that retailers are chargeable for relevant prices. It fastened the service provider service cost at 0.5 per cent of transaction worth, capped at N10,000, whatever the fee methodology.
On transaction alerts, the apex {bank} mentioned SMS notifications should still entice prices on a cost-recovery foundation, whereas e-mail alerts should be supplied freed from cost.
The CBN additional retained provisions on present account upkeep charges, stating that prices stay negotiable however topic to a capped price, with a phased discount anticipated to zero by 2027.
For ATM withdrawals, the information stipulates that prospects utilizing one other {bank}’s ATM can pay N100 per N20,000 withdrawal at on-site areas, whereas off-site ATMs could entice an extra surcharge of as much as N500 per transaction, topic to disclosure.
Digital transfers of N5,000 and beneath will stay free, whereas transfers between N5,000 and N50,000 will entice a N10 cost, and transactions above N50,000 will value N50.
The apex {bank} additionally directed {financial} establishments to tell prospects the place prices are negotiable and clearly disclose such rights on the level of transaction.
It added that any new price, services or products not captured within the information should obtain prior approval earlier than implementation.
The CBN mentioned the revised framework types a part of efforts to strengthen shopper safety and guarantee equity and uniformity within the pricing {of financial} companies nationwide.