Minister Hails Gov Emefiele On Reduction Of Transaction Costs

Governor Godwin Emefiele of the Central Bank of Nigeria, CBN has been hailed on the decision to lower electronic transaction fees and at Automated Teller Machines, ATMs.

Making the commendation on Thursday was the Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami who said the decision would greatly help the administration’s goal of deepening the digitalization of the economy.

He spoke against the background of the Central Bank of Nigeria’s, CBN’s directive to deposit banks to lower transfer fees, ATM charges among others. The new charges regarded as New Year gifts to the banking public are to take effect from the beginning of the New Year.

Pantami in a statement issued by his spokeswoman, Mrs. Uwa Suleiman said the decision would also help draw more persons into using services of the banks.

“This directive from the regulator of the financial sector  will in no small  measure contribute to the actualization of a Digital Economy, as lower service charges will encourage a higher patronage of electronic services, especially in the banking and financial services sector.”

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