The Central Bank of Nigeria (CBN) has unveiled a draft of its revised ‘Guide to Charges by Banks and Other Financial Institutions, 2026,’ introducing caps on fees and stricter disclosure requirements aimed at improving transparency across the banking system.
The apex bank, in a circular dated April 21, 2026, said the revised framework is part of efforts to strengthen financial stability, deepen inclusion, and drive the adoption of digital financial services.
The circular was signed by the Director of Financial Policy and Regulation Department, Dr. Rita Sike.
What the circular says about the proposed guidelines
The CBN said the updated guide reflects a broader policy shift towards a more transparent and consumer-friendly banking environment, noting that it has reviewed the existing 2020 guide to align with current realities.
- According to the circular, “in furtherance of the mandate to promote a safe and sound financial system in Nigeria, accelerate the adoption of innovative financial services, financial inclusion and micropayments/transactions, the Central Bank of Nigeria (CBN) has reviewed the extant Guide to Charges.”
The apex bank added that the revised guide is designed to encourage innovation while ensuring accountability among financial institutions.
- It stated, “this reviewed Guide provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability and promotes financial inclusion through lower tariffs for micropayments/transactions.”
Caps introduced across transfers, ATM, and merchant charges
A key highlight of the proposed guidelines is the introduction of structured caps across several banking services.
For electronic funds transfers, interbank transactions are now capped at N10 for transfers between N5,000 and N50,000, while transactions above N50,000 attract a maximum fee of N50, and transfers below N5,000 remain free.
ATM withdrawal charges have also been standardised, with customers withdrawing from another bank’s ATM paying N100 per N20,000 on on-site machines, while off-site withdrawals attract N100 plus a surcharge of up to N500 per N20,000. Nairametrics observed that the ATM charges were earlier disclosed in a circular in February 2025.
In addition, the guide caps merchant service charges at 0.5 per cent per transaction, subject to a maximum of N10,000, reinforcing the regulator’s push to lower the cost of digital payments.
Banks to disclose full lending costs under APR regime
Beyond transaction fees, the CBN is tightening rules around lending transparency by mandating that all loan-related charges be disclosed using the Annual Percentage Rate framework.
The document states that “all interest/lending rates, inclusive of all applicable fees, shall be quoted and communicated to customers strictly on an Annual Percentage Rate (APR) basis.”
This move is expected to curb hidden charges and ensure that borrowers have a clear understanding of the true cost of credit.
Negotiable charges allowed within strict limits
While the guide retains flexibility by allowing some charges to be negotiated between banks and customers, it places clear boundaries on such arrangements.
The CBN noted that where charges are marked as negotiable, institutions must inform customers of their rights and ensure that agreed fees do not exceed stipulated maximum thresholds.
According to the document, “where a charge is stipulated as ‘negotiable’, financial institutions are required to draw the attention of customers to their rights to negotiate.”
What you should know
The apex bank has opened the draft guidelines for public comments, signalling that the framework is still subject to refinement before final adoption.
Stakeholders have been given until May 8, 2026, to submit feedback via the CBN’s Policy and Regulation Division.
The revised guide marks a significant shift in how banking charges are structured in Nigeria, with a stronger emphasis on cost transparency, standardisation, and consumer protection.
The new guide will replace the 2020 version upon finalisation, and may take effect from May 1, 2026, amid ongoing stakeholder consultation.
