New Bank Charges Will Affect Bottom Line Of Banking Industry — CIBN

Follow us on Social Media

Social sharing

The Chartered Institute of Bankers of Nigeria (CIBN), said on Sunday that the downward review of bank charges would affect the net earnings and income of the Banks.

Dr Uche Olowu, the CIBN Chairman, told News Agency of Nigeria (NAN), however, that the review was designed to ameliorate people’s complaints about the charges.

CIBN 960x640 750x375 1

“So, the implication is that, it will affect the bottom line of the banking industry in the short term.

”But, as more people access financial services, at long terms, the banks will be better off for it,” he said.

Olowu, therefore, said that the banks would look for better alternatives to fund the real sectors.


He said the banking sector would be involved in diverse services that would give the sector opportunity to make profits.

NAN reports that the Central Bank of Nigeria (CBN), announced a downward review of most charges and fees for banking services with effect from Jan. 1, 2020.

The CBN said bank customers would now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000, adding that electronic transfer above N50,000 will attract a N50 charge.

Before the review bank customers paid N50 for electronic transfers below N500,000.

The apex bank also slashed charges for cash withdrawal via other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from N65.

Leave your comment on this post

THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN

WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.

Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi

The economic crisis and hardship in Nigeria are parts of the discussion.


Watch, leave your comments, and share to create more awareness on this issue.


#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com

Leave your comment

Click on the link below or Scan the QR Code to join the 9News Nigeria WhatsApp Channel

9News Nigeria Investigative Reports WhatsApp Channel
9News Nigeria Investigative Reports WhatsApp Channel
About Uchenna Mbam 9159 Articles
Uchenna Mbam is a reliable full time Blogger on news media as Editor/Publisher. Be free to Contact me via Facebook @Mbam Uchenna or Email me @uchennambam23@gmail.com

Leave a Reply