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First with the News

Nigerian Banks Start Charging Customers For Failed Transaction

... the development comes amid hardship occasioned by Covid-19 pandemic.

November 20, 2020
in Economy, Top Stories
0
Nigeria To Buy Banks Purchased By Ousted Central Bank Governor

Former CBN Governor, Godwin Emefiele.

0
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Nigerian banks have embarked on charging customers for every failed transaction.

The move which could further compound economic hardship already assailing the masses, comes months after the CBN directed banks to penalise customers who initiate direct debit transactions on their account but lack funds to complete the transaction.

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Direct debit is a standing order initiated by an account holder that enables the bank to debit a specified amount from the customer’s account at an agreed date.

With the new development, one percentage of the amount being transferred or N5000 of such, depending on the highest fee, will be charged against the customer who breaches the new guideline.

The guideline also stipulates that the charge should be withdrawn from the account whenever it is funded.

READ ALSO: Nigeria: NCDMB Lauds President Tinubu Oil Sector’s Executive Orders For Reinforcing NOGICD Act, SLA

The guide which came into effect in January was criticised by economists as dangerous and insensitive because most Nigerians cannot afford to continue paying for a service they never received — a criticism the CBN rejected as unfounded.

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