Nigerian Bank Announces Interest Rates Reduction on Savings Deposits From October 16
- Ecobank Nigeria announced cuts to interest rates on its SuperSavers product, citing the CBN's recent Monetary Policy Rate review
- The revised rates affect customers across four deposit tiers, with reductions ranging from 1.18 to 3.18 percentage points
- Customers can contact the bank's 24-hour contact centre for clarification on how the new rates apply to their savings
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Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Ecobank Nigeria has cut the interest rates it pays on its SuperSavers savings product, with the new rates set to take effect on October 16, 2026.
The bank linked the decision to a recent review of the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN).
Source: Getty Images
The adjustment covers customers across four deposit tiers. Those saving between N1 million and N19.99 million will see their annual interest rate drop from 10.18% to 8.00%.
Customers in the N20 million to N99.99 million bracket will see their rate fall from 11.00% to 9.00% per annum.
New rates across deposit tiers
For larger savers, deposits between N100 million and N199.99 million will attract an interest rate of 10.00% per annum, down from 13.18%.
Meanwhile, deposits of N200 million and above will see their rate fall from 13.18% to 12.00% per annum.
The revised rates are as follows:
Deposit tier | Current rate | Revised rate |
N1 million–N19.99 million | 10.18% | 8.00% |
N20 million–N99.99 million | 11.00% | 9.00% |
N100 million–N199.99 million | 13.18% | 10.00% |
N200 million and above | 13.18% | 12.00% |
In its notice to customers, the bank said it understood the importance of interest rate changes and appreciated customers' continued trust.
Ecobank added that it remained committed to offering competitive savings products and quality banking services.
Customers seeking clarification on how the changes affect their accounts can call the bank or visit their nearest branch.
Source: Getty Images
CBN rate review drives the change
The MPR, set by the CBN, serves as a benchmark that influences borrowing and savings rates across Nigeria's banking sector.
When the apex bank adjusts the policy rate, commercial banks may review the rates they offer on deposits and charge on loans.
Ecobank's decision to revise its SuperSavers rates downward means customers will earn less annual interest on their savings from October 16, 2026, compared with the previous rates.
BOI launches digital portal to simplify access to loans
Earlier, Legit.ng reported that the Bank of Industry (BOI) has launched a new digital platform called MyBOI, which allows Nigerian businesses to apply for financing, complete onboarding and monitor their loan applications from start to finish without visiting a branch.
The bank described the portal as a central part of its Credit Process Re-engineering and Automation Initiative, built to tackle longstanding problems in its financing process, including manual paperwork, multiple customer touchpoints and slow turnaround times that left applicants with little visibility into where their applications stood.
Source: Legit.ng
