In a move to cushion the impact of the Central Bank of Nigeria's (CBN) recent directive imposing a N1,500 charge for ATM card issuance and maintenance, Dash Microfinance Bank (MFB) has unveiled a new "near-zero" fee policy. The initiative introduces a flat transaction rate of N5, positioning it as one of the lowest fee structures in the Nigerian banking industry.
Immediate Implementation
The policy takes effect immediately and aims to ensure banking remains affordable and accessible for all Nigerians, including students, petty traders, small business owners, and salaried professionals. As the country's economy increasingly shifts toward digital-first financial interactions, Dash MFB said it is committed to keeping the cost of moving money minimal for everyday users.
Buffer Against New CBN Charges
By offering an N5 flat-rate fee, the bank provides a necessary buffer for customers adjusting to the updated card charges introduced under the new CBN policy. The bank's Chief Executive Officer, Rotimi Awofisibe, explained the rationale behind the decision.
"We believe that banking should be easier and made just for you," Awofisibe said. "With the new N1,500 card charges, we wanted to find a way to give back to our customers. By offering N5 transactions, we are empowering students, traders, and professionals to move money freely without the fear of high service costs."
Commitment to Affordability
The initiative underscores Dash MFB's dedication to financial inclusion and customer protection. The bank's near-zero fee structure is expected to benefit a wide range of customers who rely on frequent, low-value transactions. Industry analysts note that this move could pressure other financial institutions to reconsider their fee structures in light of the CBN's directive.
As digital banking adoption continues to grow in Nigeria, policies that reduce transaction costs are critical to ensuring that the benefits of financial technology reach all segments of society. Dash MFB's decision reflects a customer-centric approach that prioritizes accessibility over short-term revenue gains.
