Customers Hail CBN’s Electronic Transactions Charges Reduction

Customers in the banking sector have commended the  Central Bank of Nigerian (CBN) Governor, Godwin Emefiele, for the reduction of electronic transactions charges.
Speaking in a telephone interview with The Tide, the financial Controller of Danuke Services Company, Nigeria, Mrs Joy Dan Eke, said the reduction is a welcomed development.
She noted that the deductions were really getting out of hand, adding that, “some times they deduct without giving reasons.
“The charges are high and has made some people to be keeping their money at home for free transactions, which is dangerous for business growth.
Eke continued that “as we have embraced cashless policy. The reductions were discouraging  entrepreneurs. So, the action of CBN is a step in the right direction”.
Another customer, Mr Samuel Daniel Effiong, the Chief Executive Officer (CEO) of Insight-Vis Enterprises, Nigerian, said CBN did the right thing and would always be supported by the youths.
He said the the charges were so scary, adding that the implementation of the policy would serve as a relief to entrepreneurs.
It will be recalled that CBN announced a downward review of charges for electronic banking transactions in its revised guidelines to charges by Banks, Other Financial Institutions (OFIs) and Non-Bank Financial Institutions.
This was contained in a circular by Chibuzor Efobi, for the Director, Financial Policy and Regulation Department.
The new guide, among others, included review of other bank charges to align with market developments, while the revised guidelines took effect from January 1st.

By: Lilian Peters