The Banking Hall
CBN Revises Banking Charges, Mandates Transparency in 2026 Guidelines
The Central Bank of Nigeria (CBN) has released a draft of the ‘Guide to Charges by Banks and Other Financial Institutions, 2026,’ introducing new caps on transaction fees and stricter disclosure requirements.
The circular, signed by the Director of Financial Policy and Regulation Department, Dr. Rita Sike, reflects a policy shift toward a more consumer-friendly and transparent banking environment.
A key highlight of the proposed guidelines is the standardization of electronic funds transfer fees. Interbank transactions between N5,000 and N50,000 are now capped at N10, while transactions exceeding N50,000 attract a maximum fee of N50. Transfers below N5,000 remain free of charge.
ATM withdrawal charges have also been adjusted; customers withdrawing from another bank’s ATM will pay N100 per N20,000 at on-site machines, while off-site withdrawals attract a N100 fee plus a potential surcharge of up to N500.
Furthermore, the CBN has capped merchant service charges at 0.5 percent per transaction, with a maximum limit of N10,000. To curb hidden costs in credit markets, the apex bank now mandates that all lending rates and applicable fees be communicated to customers strictly using the Annual Percentage Rate (APR) framework. This requirement ensures that borrowers are fully aware of the total cost of credit before entering agreements.
While the guide allows for negotiable charges in certain instances, financial institutions are required to inform customers of their right to negotiate and ensure that agreed fees do not exceed the stipulated maximum thresholds.
The CBN stated that the revised framework is designed to promote financial inclusion, accelerate the adoption of digital payments, and strengthen the accountability of financial institutions to their customers.
