In a move to ease the financial burden on its customers, Dash Microfinance Bank has reduced its transfer fees from the approved N10 rate to a flat N5 per transaction. The bank stated that this decision is aimed at helping customers cope with rising banking costs following the introduction of new charges for ATM cards in Nigeria.
Bank Transfer Fee Reduction
The reduction comes after a recent regulation by the Central Bank of Nigeria (CBN) that, since February 2026, charges customers N1,500 for the issuance and maintenance of ATM cards, thereby increasing the overall cost of banking for the average Nigerian. To mitigate these additional expenses, Dash Microfinance Bank has introduced what it calls its Near Zero plan, which seeks to keep digital transactions affordable despite the increased cost of banking. The plan imposes a flat fee of N5 on transactions made through its digital banking platforms.
According to a report by BusinessDay, Dash Microfinance Bank stated that the decision is intended to promote financial inclusion, reduce the cost burden on millions of Nigerians who rely on mobile banking services for their daily transactions, and remove barriers to digital payment services in the country.
CEO Statement on Affordable Banking
The bank's Managing Director and Chief Executive Officer, Rotimi Awofisibe, explained that the offer was designed in response to the changing banking landscape. He said, "We are focused on making banking easier and designed to fit our customers' lifestyles and banking needs. We saw the introduction of the N1,500 charge for cards and wanted to give something back to ensure transaction services are affordable. This N5 charge would help our students, traders, and entrepreneurs transfer money at their ease without worrying about exorbitant costs."
Additional Services Offered
Beyond the low transfer rates, Dash Microfinance Bank noted that its ecosystem includes other services such as transportation wallets for travel expenses, bill payment options for electricity and TV, and a merchant facility designed to assist small and medium-scale enterprises. The bank also highlighted that its POS service for businesses remains available, along with savings options like fixed deposits, to encourage savings among its customer base, as reported by BusinessInsider.
The bank aims to evolve into a lifestyle banking digital service in a cashless Nigeria, providing all essential financial services at competitive costs.
Context of Bank Charges in Nigeria
Earlier, Legit.ng reported that the Central Bank of Nigeria introduced new rules removing charges on several everyday banking services, effective May 1, 2026. These changes are contained in the revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide. The document was signed by Dr. Rita Sike, the CBN's Director of the Financial Policy and Regulation Department.
