The Chartered Institute of Bankers of Nigeria (CIBN) on Sunday said the downward review of bank charges will affect banks’ net earnings and income.

CIBN Chairman, Dr Uche Olowu, stated this in an interview with the News Agency of Nigeria (NAN).

He noted 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 electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000, adding that electronic transfer above N50,000 will attract a N50 charge.

Before the review bank customers paid N50 for electronic transfers below N500,000.

The apex bank 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.