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Banks Introduce New Payment Tariffs and Fees

Lagos, Nigeria - A Move Towards Streamlined Payment Operations

Leading banks in the country have introduced new tariffs and fees for various payment types to streamline payment operations and enhance customer satisfaction. According to a statement issued by the banking sector regulator, the new tariffs are designed to reflect the actual costs of providing payment services.

New Tariffs and Fees Structure

Under the new system, banks will charge different tariffs for various payment types, including:

  • Bank-to-bank transactions: GMD 65.00 per transaction
  • Payments on behalf of customers: GMD 65.00 per transaction
  • Request for return of funds: GMD 100.00 per transaction
  • And others

Basis of Costs Allocation

To ensure transparency and fairness in the allocation of costs, banks have established the following principles:

  • Maintenance Service Contracts Costs: Shared equally between participants
  • Software License fees: Shared equally between participants
  • Any other Charges, fixed or variable, which are not volume driven: Shared equally between participants

Payment Types and Tariffs

Here is a breakdown of payment types and their corresponding tariffs:

  • Bank-to-Bank MT202 - GMD 65.00 per transaction (Tariff based)
  • On Behalf of Customers Single MT103 - GMD 65.00 per transaction (Tariff based)
  • On Behalf of Customers Multiple MT102 - GMD 65.00 per transaction (Tariff based)
  • Request for Return of Funds MT101 - GMD 100.00 per transaction (Tariff based)
  • ACH NET Settlements - (No tariff)
  • Wrong Payment Orders Various - GMD 100.00 per transaction (Tariff based)
  • Return of Funds Various - GMD 65.00 per transaction (Tariff based)
  • Cancelled/Rejected Payment Orders Various - GMD 65.00 per transaction (Tariff based)
  • Gridlock Resolution Various - GMD 5,000.00 (Depending on Usage)
  • Extension due to Gridlock Resolution Various - GMD 10,000.00 (Depending on Usage)

Desk Services

Banks will also charge different tariffs for desk services, including:

  • Cash Reservation Only MT202 - GMD 500.00 (Depending on Usage)
  • Under One Hour Various - GMD 1,000.00 (Depending on Usage)
  • Under Two Hours Various - GMD 2,250.00 (Depending on Usage)
  • Under Three Hours Various - GMD 3,750.00 (Depending on Usage)
  • Under Four Hours Various - GMD 5,500.00 (Depending on Usage)
  • Any Additional Hours Various - GMD 2,000.00 (Depending on Usage)

Effective Date and Contact Information

The new tariffs and fees are expected to take effect from [insert date]. Customers are advised to familiarize themselves with the new rates to avoid any inconvenience or disputes.

For further information, please contact:

  • [Name]
  • [Email]
  • [Phone Number]