The Chartered Institute of Bankers of Nigeria (CIBN), said on Sunday that the downward review of bank charges would affect the net earnings and income of the Banks.
Dr Uche Olowu, the CIBN Chairman, told News Agency of Nigeria (NAN), however, that the review was designed to ameliorate people’s complaints about the charges.
“So, the implication is that, it will affect the bottom line of the banking industry in the short term.
” But, as more people access financial services, at long terms, the banks will be better off for it,” he said.
Olowu, therefore, said that the banks would look for better alternatives to fund the real sectors.
He said the banking sector would be involved in diverse services that would give the sector opportunity to make profits.
NAN reports that the Central Bank of Nigeria (CBN), announced a downward review of most charges and fees for banking services with effect from Jan. 1, 2020.
The CBN said bank customers would now pay N10 for…