5 Banking Services Now Free as CBN Announces Withdrawal, Deposit Fees Changes from May 1
- The CBN has removed charges on key services as it introduced sweeping changes to banking services
- The new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance
- The new charges guide, effective May 1, 2026, aims to boost financial inclusion and reduce banking costs
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.
The Central Bank of Nigeria (CBN) has introduced a new set of rules which remove charges on several everyday banking services, scheduled to take effect on 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.
Source: UGC
The document was signed by Dr Rita Sike, the CBN's director of the Financial Policy and Regulation Department.
The revised guide updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.
CBN makes changes to banking services fees
Here are five key banking services that you can now enjoy without paying.
1. 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.
2. 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.
3. 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
4. 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.
5. 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.
Source: Getty Images
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
Legit.ng earlier provided insight into the changes introduced by the CBN in its news guide. One of the most notable features of the draft guidelines is the introduction of structured caps on transaction charges across multiple banking channels.
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.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
