The Central Bank of Nigeria (CBN) has unveiled a revised Guide to Charges for banks and other financial institutions, set to take effect from May 1, 2026, with a strong focus on improving transparency and expanding access to financial services.
Under the new framework, several everyday banking services will now be completely free for customers, marking a shift toward more consumer-friendly policies.
Customers will no longer be charged for reactivating dormant accounts or closing their savings, current, or domiciliary accounts. The CBN also directed that monthly account statements must be provided at no cost, whether in electronic or printed format, although special printed requests outside the standard format may still attract a minimal fee.
In a move to encourage digital payments, electronic transfers below ₦5,000 will now be free, while transfers between ₦5,000 and ₦50,000 will attract only a small capped fee.
The guidelines also eliminate charges for withdrawals made from a customer’s own bank ATM, as well as for non-cash transactions such as intra-bank transfers carried out on those machines.
Additionally, banks are now required to issue virtual cards at no cost, and customers will not be billed for essential services like PIN resets or re-issuance.
The new policy is expected to make banking more affordable and accessible, while encouraging the adoption of digital financial services across Nigeria.
