Nigerians complaining of undue charges by Deposit Money Banks in the country may soon heave a sigh of relief following the plan by the Central Bank of Nigeria, CBN, to review the Guide to Bank Charges, GBC.
This was contained in a circular signed by U. A. Obot, on behalf of the Director, Financial Policy & Regulation Department which was obtained from the apex bank website yesterday.
Obot also requested banks and other financial institutions to provide the list of their existing products and services as at 31st March, 2013, which were not adequately covered in the extant Guide to Bank Charges, directing banks to include the products and services which the prescribed charges in the current GBC are not sufficient to cover costs incurred by the banks to provide the products and services.
The circular also demanded list of new products and services
introduced by banks from 1st April, 2013 to date as well as their fees and charges, justification for such fees and charges and the list of products and services planned for introduction in the short to medium-term period not exceeding three years.
Nigerian Pilot recalls that Section 3.1 of the existing Guide provides that CoT is negotiable, subject to a maximum of N3 per mile in 2013; N2 per mile in 2014; N1 per mile in 2015; and that no CoT would be charged in 2016.
CBN had also warned banks against the practice of charging fees which are alien to the Guide by some banks. For example, some banks offer accounts that are supposedly CoT free, but impose a maintenance or similar fee not covered by the Guide.