Access, UBA, GTB, Other Banks Send Messages to Customers on New Cash Deposit, Withdrawal Changes
- Nigerian banks informed customers that weekly cash withdrawals will now have limits
- They emphasised that withdrawals above these limits will attract fees of for individuals and 5% for corporates
- ATM daily withdrawals are capped with a weekly maximum, while customers are encouraged to use digital channels for higher-value transactions
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian banks have informed customers of updates to cash deposit and withdrawal policies, effective January 1, 2026, in line with the Central Bank of Nigeria’s (CBN) directives.
The updates aim to improve cash management, enhance security, and encourage the use of digital payment channels for safer and more convenient transactions.
Source: UGC
Access Bank, Ecobank, Wema, and other Nigerian banks have shared the key changes with customers. The updates affect cash deposits, withdrawals, and ATM usage limits.
Customers are encouraged to use digital channels for higher-value transactions. The updates align with CBN directives for nationwide cash policy reforms.
Here are the details sent to customers:
Ecobank Nigeria notified customers:
“Dear Valued Customer, effective January 1, 2026, changes to cash deposit and withdrawal limits will take effect, in line with the CBN’s directive.
"Cash deposits: No extra fees. You can deposit any amount.
"Weekly cash withdrawal limits (all channels): Individuals – N500,000; Corporates – N5,000,000.
"ATM daily limit: N100,000; weekly maximum – N500,000.
"Cumulative weekly withdrawals above these limits will attract charges: Individuals – 3%; Corporates – 5%. We encourage the use of digital channels for higher-value transactions.”
Source: Getty Images
Wema Bank informed clients:
“The recent CBN cash policy updates, effective January 1, 2026, remove cumulative cash deposit limits and related fees. Weekly cash withdrawal limits are: Individuals – N500,000; Corporate – N5,000,000. Withdrawals above these thresholds attract fees of 3% (individuals) or 5% (corporates).
“ATM cash withdrawals remain capped at N100,000 daily, N500,000 weekly, with ATM and POS withdrawals counting toward weekly limits.
Third-party cheque encashments over the counter remain capped at N100,000 and also count toward weekly limits.
“Customers are encouraged to use digital banking channels for faster, safer, and more convenient transactions. For further details, contact your Relationship Manager or visit any Wema Bank branch.”
The banks emphasised that the changes are designed to improve transparency, strengthen compliance, and encourage the adoption of electronic payments nationwide, Guardian reports.
CBN outlook for 2026
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has directed all banks, payment service banks, and other regulated financial institutions to immediately withdraw any advertisements or promotional materials that violate consumer protection and fair-marketing standards.
The directive, contained in a circular issued and signed by Olubunmi Ayodele-Oni on behalf of the director of the CBN’s Compliance Department, follows a thematic industry review.
The review revealed significant differences in how financial institutions understand and apply the rules on disclosure, transparency, and fair marketing set out in the Consumer Protection Regulations 2019 and the 2000 advertising guidelines for deposit-taking institutions.
Source: Legit.ng
