The Central Bank of Nigeria (CBN) has introduced sweeping changes to banking fees, removing charges on several key services effective May 1, 2026. The revised Guide to Charges by Banks and Other Financial Institutions aims to enhance financial inclusion and reduce the cost of banking for Nigerians.
Five Banking Services Now Free
Under the new guidelines, customers will no longer pay for the following services:
- Account reactivation and closure: Banks cannot charge for reactivating dormant accounts or closing accounts.
- Monthly statement of account: Regular monthly statements are free, though printed copies beyond the standard format may cost up to N20 per page.
- Small inter-bank electronic transfers: Transfers from N0 to N5,000 are free; N5,001 to N50,000 attract a maximum fee of N10; transfers above N50,000 are capped at N50.
- Use of own bank's ATM (On-Us Transactions): Withdrawals from your bank's ATM are free, as are intra-bank transfers at these ATMs.
- Virtual cards and PIN management: Banks must issue virtual cards at no cost, and PIN re-issuance or resets are free.
Background and Implementation
The document, signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, updates the 2020 version to reflect current market realities, especially the rise of digital payments and mobile banking. The CBN is also tightening lending transparency by mandating the Annual Percentage Rate (APR) framework for all loan disclosures, ensuring interest rates and fees are presented as a single figure.
These reforms are part of broader efforts to improve transparency, reduce banking costs, and encourage innovation among financial institutions. The CBN emphasized that the revised framework expands the range of covered services while strengthening accountability and oversight.
Impact on Nigerians
By eliminating fees on essential services, the CBN aims to make banking more accessible to a wider population, particularly those with low incomes or limited access to traditional banking. The changes are expected to promote digital payments and reduce the financial burden on customers.
