The Central Bank of Nigeria (CBN) has released its Guide to Charges by Banks and Other Financial Institutions, set to take effect on May 1, 2026.
This updated guide introduces several consumer-friendly policies designed to enhance financial inclusion and transparency across the Nigerian financial system.
Here are five key banking services that you can now enjoy without paying a single kobo:
1. Reactivating or Closing Your Account
Under the new regulations, banks are no longer permitted to charge you for reactivating a dormant account. Similarly, if you decide to part ways with your financial institution, the closure of savings, current, or domiciliary accounts must be carried out at no charge.
Under the new regulations, banks are no longer permitted to charge you for reactivating a dormant account. Similarly, if you decide to part ways with your financial institution, the closure of savings, current, or domiciliary accounts must be carried out at no charge.
2. Receiving Your Monthly Statement of Account
Staying informed about your finances is now cost-free. Banks are mandated to provide mandatory monthly statements for both current and savings accounts, whether in printed or electronic format, at no charge. Additionally, special requests for electronic statements for your personal use are also free of fees.
Staying informed about your finances is now cost-free. Banks are mandated to provide mandatory monthly statements for both current and savings accounts, whether in printed or electronic format, at no charge. Additionally, special requests for electronic statements for your personal use are also free of fees.
However, Special Request for Printed Statement of Account (Request in a manner other than agreed on mandatory issuance has been pegged at a maximum of N20 per page.
3. Small Inter-Bank Electronic Transfers
To encourage micro-payments and digital adoption, the CBN has eliminated fees for small electronic fund transfers. Transactions between N0 and N5,000 now carry no charge. For transfers between N5,000 and N50,000, the fee is capped at a low rate of N10.
To encourage micro-payments and digital adoption, the CBN has eliminated fees for small electronic fund transfers. Transactions between N0 and N5,000 now carry no charge. For transfers between N5,000 and N50,000, the fee is capped at a low rate of N10.
4. Using Your Own Bank’s ATM (On-Us Transactions)
Whenever you use an ATM provided by your own financial institution—referred to as an “On-Us” transaction, there is no charge for the withdrawal. Furthermore, performing non-cash transactions such as intra-bank transfers at these ATMs is also free.
Whenever you use an ATM provided by your own financial institution—referred to as an “On-Us” transaction, there is no charge for the withdrawal. Furthermore, performing non-cash transactions such as intra-bank transfers at these ATMs is also free.
5. Issuing Virtual Cards and Managing Your PIN
As banking becomes increasingly digital, the new guide ensures that virtual cards are issued at no charge. Additionally, common security maintenance tasks like PIN re-issues or PIN resets are now free services for all customers.
As banking becomes increasingly digital, the new guide ensures that virtual cards are issued at no charge. Additionally, common security maintenance tasks like PIN re-issues or PIN resets are now free services for all customers.
