Banking charges projected to rise

Some Commercial banks have notified their customers that banking charges or

fees, mostly in relations to electronic transactions, will increase. This development will be effective next month.

The increment is as a result of the increase in the usage of Automated Teller Machines (ATMs) and the internet by customers for transactions, particularly in this covid-19 era. According to one notice, “Please be informed that effective Monday, March 1st, 2021, issuance and monthly maintenance fees on all Visa and MasterCard debit and prepaid cards will be reviewed upwards.”

Another notice read “the upward tariff charges has become possible because of

the rising cost in maintenance of equipment”. Banks, under normal circumstance, make so much income from electronics transactions and will therefore take advantage of the rising number of transactions to accrue more returns in this COVID season. This increment may, however, trigger some adjustments in fees and commissions of account maintenance and loans.

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