The Central Bank of Nigeria (CBN) has announced new banking regulations that will make several key financial services free for customers, effective May 1, 2026.
The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, aimed at reducing banking costs, improving transparency, and promoting financial inclusion across the country.
The document, signed by the Director of Financial Policy and Regulation, Dr. Rita Sike, updates the 2020 framework to reflect current trends in digital banking and payments.
Under the new rules, customers will no longer be charged for account reactivation or closure. Monthly account statements will also be provided free of charge, although printed copies outside standard formats may attract a small fee.
For electronic transfers, small-value transactions between N0 and N5,000 will be free, while transfers between N5,000 and N50,000 will attract a maximum charge of N10. Transactions above N50,000 will be capped at N50.
The CBN also directed that withdrawals from a customer’s own bank ATM will now be free, along with intra-bank non-cash transactions conducted via ATMs. In addition, banks are required to issue virtual cards at no cost, while PIN re-issuance and resets must also be free.
Beyond transaction fees, the new guidelines introduce stricter rules on loan disclosures, mandating financial institutions to adopt an Annual Percentage Rate (APR) framework that consolidates interest rates and all associated charges into a single figure for greater clarity.
The apex bank said the reforms are designed to encourage digital financial services, strengthen consumer protection, and ensure greater accountability within the banking sector.