CBN Introduces Fees on e-Form ‘M’

Sanusi Lamido Sanusi

.says education vital to financial inclusion objectives

Following its deployment of the electronic Form ‘M’ on the Nigerian Single Window Trade Portal as well as the commencement of on-line submission of Form ‘M’, the Central Bank of Nigeria (CBN)  Thursday announced the introduction of a charges on e-Form ‘M’.

The banking sector regulator stated this in a circular with reference number: “TED/PFO/FPC/GEN/01/002,” dated March 21, 2013, a copy of which was posted on its website.

The circular signed on behalf of the Director, Trade and Exchange Department, CBN, by Mr. W.D. Gotring, was addressed to all authorised dealers and service providers.

According to the bank, a charge of N1, 500 as per declaration would be paid for e-Forms. This, it said, became effective since December 6, 2012.

“Recovery of the cost of e-Form ‘M’ used by processing banks since December 6, 2012 when the e-Form ‘M’ was deployed. The cost recovery is pursuant to all e-Forms ‘M’ utilised when the pre-paid hard copy Form ‘M’ ceased to be used and direct debit of the processing bank’s current account for each declaration which should be recovered from the customer by the bank,” it added.

The CBN also advised banks and service providers to separate the charge on the customer for the e-Form ‘M’ from other bank charges.

Meanwhile, the CBN has stressed the crucial role of financial literacy to achieving the National Financial Inclusion Strategy of the Federal Government.  

Speaking in Abuja at the "Global Walk for Money" programme to commemorate with the Child Youth Finance Week, Acting Director, Consumer Protection Department, CBN, Hajiya Umma Dutse said it was important to create a level of awareness that enhances understanding of not only financial products and services but also trust and confidence in the financial system.

Addressing youths from select secondary schools within Abuja and its environs, the CBN Acting Director said there was need to enhance the efficient use of financial resources and empower Nigerians to be able to make informed choices and take effective actions which lead to financial well-being.

According to her, the event was part of a series of activities identified in the National Financial Inclusion framework of the apex bank as a veritable means of engendering financial education and awareness among children and youths in the country,

She, said children must be allowed the opportunity to acquire financial knowledge and skills and inculcate positive attitudinal and behavioral changes at an early age so they could grow to become financially independent as well as capable and prudent leaders.

Dutse said: "It is only through equipping these young people with adequate knowledge and skills that we can be rest assured that the future of this great country is secured and would be managed by financially capable leaders; leaders who are able to attain not only their personal financial independence but also that of the nation and its citizens at large."

An initiative of the Global Child and Youth Finance Movement, the annual Child and Youth Finance Week is celebrated globally to ensure that children and youths have access to safe, and trustworthy financial services-ensuring also that they have the skills, knowledge  and opportunities to use the services responsively and prudently.