CBN Caps Transfer, ATM fees in the new draft rules, banks orders…

Bank charges are set to decrease.

The Central Bank of Nigeria on Tuesday released a draft “Guidance on Charges of Banks and Other Financial Institutions, 2026” aimed at cutting fees and forcing lenders to show the real cost of loans.

The proposal, detailed in a new circular, updates the 2020 guidance to adapt to the current realities of the financial sector and strengthen accountability.

● Here’s what changes:

1. Electronic Transfers

– N5,000 to N50,000: Maximum commission of N10
– Above N50,000: Maximum commission of N50

2. ATM withdrawals

– ATM of your bank: no change
– ATM of another bank on its premises: N100 to N20,000
– Off-site ATMs: up to N500 extra for N20,000

3. Merchant Fees

– Card payment fees are limited to 0.5% per transaction
– Maximum cost: N10,000

The CBN said the limits will reduce the cost of digital payments for businesses and customers.

●Loans receive full disclosure

All borrowing costs must now be reported using the annual percentage rate. Banks will be required to combine interest and any other fees into a single figure, giving borrowers a clear picture of what they will pay.

The apex bank said the overhaul creates space for innovation while curbing hidden charges.

The draft is open to industry input. Implementation date to be announced.

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