Bank charges are set to drop.
The Central Bank of Nigeria on Tuesday released a draft “Guide to Charges by Banks and Other Financial Institutions, 2026” aimed at cutting fees and forcing lenders to show the real cost of loans.
The proposal, detailed in a new circular, updates the 2020 guide to match current realities in the financial sector and tighten accountability.
● Here’s what changes:
1. Electronic transfers
– N5,000 to N50,000: maximum fee of N10
– Above N50,000: maximum fee of N50
2. ATM withdrawals
– Own bank’s ATM: no change
– Another bank’s ATM on its premises: N100 per N20,000
– Off-site ATMs: up to N500 extra per N20,000
3. Merchant charges
– Card payment fees capped at 0.5% per transaction
– Maximum charge: N10,000
The CBN said the caps will lower the cost of digital payments for businesses and customers.
●Loans get full disclosure
All lending costs must now be stated using the Annual Percentage Rate. Banks will be required to combine interest and every other fee into a single figure, giving borrowers a clear picture of what they’ll pay.
The apex bank said the review creates space for innovation while reining in hidden charges.
The draft is open for industry input. Implementation date to be announced.
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