Sunday, January 31, 2016

CBN stops COT charges on current accounts

In a welcome development, the CBN has enforced its directive on the cancellation of COT charges on current account transactions,

GTBank made this known to subscribers in a statement below;

Important Updates to our Banking Terms and Charges 
The Central Bank of Nigeria recently concluded the removal of Commission on Turnover (COT) charges in the Nigerian Banking Industry, whilst retaining a Negotiable Current Account Maintenance fee of not more than N1 per mille on all debit transaction on current accounts. 
In line with this, please note that effective January 2016, Commission on Turnover (COT) charges will no longer be applicable on your current account. We will however retain the Current Account Maintenance Fee of N1 per mille on all debit transactions.
We thank you for your continued support and assure you of our commitment to a mutually beneficial relationship.
Thank you for banking with us

What do you think about this development?

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