The Central Bank of Nigeria (CBN) has released a new set of rules that remove fees for several daily banking activities. These changes will start on May 1, 2026.
The bank shared these details in its updated Guide to Charges by Banks and Other Financial Institutions. This new document replaces the older 2020 version to match today’s digital market.
Dr Rita Sike signed the document. She serves as the Director of the Financial Policy and Regulation Department at the CBN.
The regulator wants to make banking more transparent for everyone. By lowering costs, they hope more Nigerians will use formal bank accounts for their money.
These rules focus on mobile banking and digital payments. This is because more people now use their phones instead of visiting physical bank branches for transactions.
New Rules For Digital Money Transfers
One of the biggest changes involves small electronic transfers between different banks. The CBN has set a zero-fee limit for very small amounts.
Transfers from ₦0 to ₦5,000 are now free for all customers. This helps people who send small amounts of money to family or small businesses.
For mid-sized amounts between ₦5,000 and ₦50,000, the fee is now ₦10. If you send more than ₦50,000, the bank can only charge ₦50.
These caps ensure that banks do not take too much money from customers. It also makes digital payments a better choice than using physical cash for daily needs.
Furthermore, the bank has changed how it handles virtual cards. Banks must now issue these digital cards at no cost to the customer.
Free ATM Access And Account Management
The new guide also looks at how people use Automated Teller Machines. Withdrawals from your own bank's ATM, known as “on-us” transactions, are free.
If you use your bank's ATM for things other than cash, like sending money to another account in the same bank, you pay nothing. This keeps basic banking accessible.
Management of your account has also become cheaper. Banks are no longer allowed to charge you for reactivating a dormant account that you have not used.
Closing an account is also free. This ensures that customers are not trapped in a banking relationship simply because they cannot afford the exit fees.
Meanwhile, getting your monthly statement of account is now a free service. This helps people track their spending without worrying about extra costs every month.
Transparency In Loans And Credit
If you need a printed statement that is not in the standard format, the bank can charge you. However, this is limited to ₦20 per page.
The CBN is also changing how banks talk about loans. They must now use the Annual Percentage Rate (APR) framework for all credit disclosures.
This means a bank must show the interest rate and all fees as one single percentage. This helps you see the true cost of borrowing money.
The regulator wants to make sure lenders are honest. Customers should not find hidden fees after they have already signed a loan agreement.
This policy follows a long history of the Central Bank of Nigeria trying to protect consumers from unfair charges. By setting clear limits, the regulator protects the average citizen.
Innovation And Bank Accountability
The revised framework covers more financial services than ever before. It encourages banks to find new ways to serve people while staying within the law.
The document emphasizes that banks must be accountable for their actions. The CBN will watch closely to ensure no bank overcharges its customers after May 1.
PIN-related services are also part of the free package. This includes re-issuing a forgotten PIN or resetting one for security reasons.
These steps are part of a plan to include more people in the financial system. When banking is cheap and easy, more people feel safe keeping their money in banks.
These rules provide a clear path for the future of Nigerian finance. Customers can now expect better service without the fear of losing their savings to small, hidden fees.
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