The Central Bank of Nigeria (CBN) has rolled out a fresh set of guidelines eliminating charges on several routine banking services, with implementation set for May 1, 2026.
The update is contained in its revised Guide to Charges by Banks and Other Financial Institutions, which introduces consumer-friendly measures aimed at boosting transparency and easing banking costs across the country.
The document was endorsed by Dr Rita Sike, Director of the Financial Policy and Regulation Department.
The updated guide replaces the 2020 edition, aligning more closely with present-day banking trends, especially the increasing use of digital transactions and mobile platforms.
CBN reviews banking service fees
Below are five major banking services now available at no cost:
1. Account reactivation and closure
Under the new directive, financial institutions can no longer bill customers for reactivating dormant accounts. Closing an account also remains free.
2. Monthly statement of account
Customers are now entitled to receive their monthly account statements without any charge, improving access to financial records. However, extra requests for printed copies outside the standard format will attract a maximum fee of N20 per page.
3. Small inter-bank electronic transfers
To encourage digital and low-value transactions:
- Transfers from N0 to N5,000 are free
- Transfers between N5,000 and N50,000 attract a maximum fee of N10
- Transfers above N50,000 are capped at N50
4. Use of own bank’s ATM (On-Us Transactions)
Withdrawals made from a customer’s own bank ATM are free. Other non-cash transactions carried out on the same platform, such as intra-bank transfers, also come at no cost.
5. Virtual cards and PIN management
Banks must now provide virtual cards free of charge. In addition, services related to PINs, including resets and re-issuance, will not attract any fees.
Beyond fees, the CBN has also strengthened transparency in lending by mandating the use of the Annual Percentage Rate (APR) model for all loan disclosures.
Financial institutions are now required to present interest rates together with all associated charges as a single APR figure.
