…Seeks Stakeholders’ Inputs To Draft Framework
The Central Bank of Nigeria (CBN) has released a draft of its revised ‘Guide to Charges by Banks and Other Financial Institutions, 2026’, which introduces limits on fees and stricter disclosure requirements aimed at improving transparency in the nation’s banking system.
A circular dated April 21, 2026 and signed by the apex bank’s Director of Financial Policy and Regulation Department, Dr. Rita Sike, reflected that the revised framework remained part of the CBN’s efforts to strengthen financial stability, deepen inclusion, and drive the adoption of digital financial services.
According to the bank, the updated guidelines, which will replace the current 2020 gudelines based on current realities, 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.
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The circular partly reads: “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.
“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”, it added.
One of the provisions of the draft document is the introduction of structured caps across several banking services.
Specifically, for electronic funds transfers, interbank transactions are proposed at a limit of 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 are to remain charge-free.
In addition, the draft guidelines capped ATM withdrawal charges for withdrawal 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
Also, the draft guidelines limit 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.
Beyond transaction fees, the apex bank is modifying the rules around lending transparency by mandating that all loan-related charges should be disclosed using the Annual Percentage Rate framework to curb hidden charges and ensure that borrowers have a clear understanding of the true cost of credit.
It proposed: “All interest/lending rates, inclusive of all applicable fees, shall be quoted and communicated to customers strictly on an Annual Percentage Rate (APR) basis.”
However, while the guidelines retained flexibility by allowing some charges to be negotiated between banks and customers, it placed clear boundaries on such arrangements.
The CBN specified 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 apex bank, “where a charge is stipulated as ‘negotiable’, financial institutions are required to draw the attention of customers to their rights to negotiate.”
To ensure stakeholders’ inputs to the draft regulatory framework before its adoption, the CBN given members of the public until May 8, 2026, to submit feedback via the CBN’s Policy and Regulation Division.
Analysts believe that the revised guidelines, based on the stronger emphasis on cost transparency, standardisation, and consumer protection, represents a major shift in how banking charges are structured in the country.
It would be recalled that in an earlier circular issued in February last year, CBN had hinted the public about the new ATM charges.
