According to a report by the Vanguard, Nigerian bank customers paid N138 billion ($437 million) in electronic payment charges to the top 10 banks in the country last year. The fee represents an eye-opening 26% increase on the N109.1 billion paid by customers in 2015.
According to Nigerian Communication Week, organized labour has expressed outrage at the reported figures.
They believe that the e-transaction charges are not only exorbitant, but amount to corporate extortion. This has led to calls for the Central Bank of Nigeria (CBN) and other regulatory agencies in the financial sector to intervene before the situation boils over.
The charges, as stipulated in the Guide to Bank Charges of the Central Bank of Nigeria (CBN) include: ATM card issuance, replacement and renewal charges; Hardware token and soft token issuance charges; ATM withdrawal charges; Funds transfer charges; bulk payments such as salaries; and SMS alerts.
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Source - IT News Africa