Nigeria Employers’ Consultative Association (NECA) believes that the Central Bank of Nigeria’s (CBN) new guide on charges by banks and other financial institutions which showed a downward review for some electronic banking transactions will encourage the cashless policy being promoted by the apex bank.
Director General of NECA, Timothy Olawale described the new guideline is released on Sunday as a welcome development, “as it will make financial services more accessible and affordable to various stakeholders in the economy”.
Olawale, who spoke in Lagos on Monday, December 23, further stated that “the guideline will encourage Nigerians to be more aligned with the cashless policy, just as he applauded the reduction in the remote-on-us (from other bank’s ATM) to maximum of N35 after third withdrawal within the same month from N65.
On the electronic funds transfer, Olawale averred that “although the new guideline introduced new additions for transactions below N50,000, attracting N25 and N10 respectively, we suggest that transactions of N100,000 and below should fall within the newly reviewed charges of N25, taking into account the low income earners.”
He drew the attention of the CBN to the Real Time Gross Settlement (RTGS) charge, which was reviewed upward from N750 for transaction of N500,000 and above to N950. He expressed that “we are of the opinion that in the spirit of benevolence demonstrated by the CBN, if the charges cannot be reviewed downward to about N300, status quo of N750 should subsist.
Expressing hope for the successful implementation of the new guidelines, the NECA DG stated the need for a total cancellation of N50 POS charge on Stamp Duties still in operation.
He argued that “the conspiracy of the N50 Stamp Duty charge” was a burden on Nigerians and businesses. As the citizens grapple under the weight of inflation and eroding purchasing power, these charges, under any guise tends to further impoverish the Banking populace.”
Olawale called on the CBN to continuously promote policies and guidelines that facilitate the ease of doing Business and banking in the country.
He believed that efforts should be made to deliberately align monetary policy with the fiscal policies in order to drive development of the economy. He called for an aggressive sensitisation of the people to enable bank customers acquaint themselves with the provisions of the guideline and be properly guided.
JOSHUA BASSEY
