The Central Bank of Nigeria (CBN) has released a revised framework for bank charges, covering electronic transfers, ATM withdrawals, and other financial services across the country.
The updated Guide to Charges by Banks and Other Financial Institutions introduces new fee structures designed to improve transparency, promote digital transactions, and support Nigeria’s cashless policy.
Under the new guidelines, electronic transfers between ₦5,000 and ₦50,000 will attract a maximum fee of ₦10, while transfers above ₦50,000 will be capped at ₦50. Transactions below ₦5,000 remain free.
For ATM withdrawals, customers using other banks’ machines will be charged ₦100 per ₦20,000 withdrawn on on-site ATMs, while off-site withdrawals may attract additional charges of up to ₦500 per ₦20,000.
The CBN also maintained a 0.5% cap on merchant service charges, with a maximum of ₦10,000 per transaction, to encourage wider adoption of digital payments among businesses.
A key feature of the new policy is the introduction of mandatory Annual Percentage Rate (APR) disclosure for loans.
Banks are now required to clearly show interest rates, all associated fees, and the total cost of borrowing to improve transparency and consumer protection.
The apex bank stated that the review is aimed at strengthening financial inclusion, reducing hidden charges, and encouraging a more efficient digital payment ecosystem.
The draft framework has been released for stakeholder consultation, with final approval expected after feedback is reviewed.
Once implemented, the new guide will replace the 2020 version and will apply to all banks and financial institutions operating in Nigeria.