NAPS Senate President Lauds CBN New Policy On Electronic Transfer, Says Students Will Be Relieved.



The Senate President, National Association of Polytechnic Students, NAPS, Comrade Ibrahim Seriki has commended
The Central Bank of Nigeria, CBN over the new guidelines on Bank charges.

According to a release by the Senate president, the new policy if implemented will ease the suffering of the Nigerian Students.

Parts of the statement reads, "The Senate leadership of National Association of Polytechnic Students (NAPS) receives in great joy the reduction of exorbitant bank charges. This development came at a point most needed by Nigerian Students populace considering the financial instability groaning the Nation".

Recall, CBN on Sunday announced the guideline which reviewed downward electronic transfer and ATM charges as well as card maintenance fees.

According to the Apex bank, bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000.

Only electronic transfer above N50,000 will attract N50 charge.

Previously, bank customers pay N50 charge for electronic transfers below N500,000.

The guide also slashed charges for cash withdrawal via other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within the same month.

The CBN also removed Card Maintenance Fee (CAMF) on all cards linked to current accounts, a maximum of one Naira per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other banks on current accounts only.

Comrade Seriki however stressed that, "We appreciates this development, it is imperative to note that Nigerian Students are Oliver twist and as such, we will always ask for more, as long as it promotes and uphold our honor and glory as a Nation.

"It is in this vein I on behalf of about 30 million Polytechnic, Monotechnic, and Colleges of Technology Students representing all SUG Presidents (NAPS Senators) across-the-board enjoins all necessary working stakeholders in the banking and financial institutions to consider all students owned account operations the honor of a 50% cut to this new charges directives while self employed or entrepreneural Students maintains the status quo of this new implementations".

The Naps senate however urged all concerned stakeholders to ensure the implementation of the policy from 1st of January 2020.

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