Bank Customers To Enjoy 5 Free Banking Services From May 1
The Central Bank of Nigeria (CBN) has introduced a new set of rules, removing charges on some daily banking services effectively from May 1, 2026.
The changes are contained in its revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.
Signed by Dr Rita Sike, the CBN’s director of the Financial Policy and Regulation Department, the document stipulates that the revised guide updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.
Customers may now enjoy five key banking services without paying.
- Account reactivation and closure
Under the new regulations, banks are no longer allowed to charge customers for reactivating dormant accounts. Account closure also remains free.
- Monthly statement of account
Customers can now receive their regular monthly statements at no cost, ensuring better access to financial information. However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.
- Small inter-bank electronic transfers
To promote digital payments and micro-transactions:
– Transfers from N0 to N5,000 are free
– Transfers between N5,000 and N50,000 attract a maximum fee of N10
– Transfers above N50,000 are capped at N50
- Use of own bank’s ATM (On-Us Transactions)
Withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.
- Virtual cards and PIN management
Banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.
Beyond transaction fees, the CBN is tightening lending transparency rules by mandating the use of the Annual Percentage Rate (APR) framework for all loan-related disclosures.
Under the new rule, financial institutions must present interest rates alongside all associated fees in a single APR figure.
CBN changes withdrawal, deposit fees
The regulator noted that the revised framework expands the range of financial services covered while encouraging innovation among financial institutions.
It also places stronger emphasis on accountability and oversight, ensuring that banks operate within clearly defined limits while offering services that are accessible to a broader segment of Nigerians.
