The CBN's revised bank charges guide took effect May 1, 2026 card maintenance fees scrapped, email alerts free, new transfer and ATM fee caps. Here's exactly what changed. Last Updated: July 2026
On May 1, 2026, the Central Bank of Nigeria's revised Guide to Charges by Banks and Other Financial Institutions took effect, the first major overhaul of Nigeria's official bank fee structure since 2020. If you've noticed a different set of deductions on your account this year, or you're trying to figure out whether a fee your bank charged you is actually legitimate, this is the guide that governs it.
Here's exactly what changed, what stayed the same, and how to use this to hold your bank accountable.
What Got Cheaper or Disappeared Entirely
Card maintenance fees are gone. Naira-denominated debit and credit cards linked to savings accounts no longer attract a monthly maintenance charge. Cards linked to current accounts already had no separate card maintenance fee, since those accounts carry their own maintenance charge instead.
Email transaction alerts are now completely free, for every customer, on every account. This is a direct, mandatory rule banks cannot charge for email notifications under any circumstance.
Small transfers got cheaper. Under the revised structure:
- Transfers below ₦5,000: maximum fee of ₦10
- Transfers between ₦5,000 and ₦50,000: ₦25
- Transfers above ₦50,000: capped at ₦50
ATM withdrawals from your own bank got cheaper too after your first 3 free withdrawals in a month, each additional withdrawal now costs ₦35, down from ₦65 previously.
Foreign currency card fees were cut in half the annual maintenance fee on FCY-denominated cards dropped from $20 to $10.
Hardware token replacement costs less capped at ₦2,500 for cost recovery, down from ₦3,500.
Current account maintenance fees are being phased out entirely capped at ₦0.5 per mille through 2026, with a commitment to reduce it to zero by 2027.
Merchants, not customers, bear POS transaction costs. The CBN capped merchant service charges at 0.5% per transaction (maximum ₦10,000), and explicitly confirmed customers should not be charged for POS payments that cost sits with the merchant.
What Got More Expensive
Card issuance and replacement fees rose from ₦1,000 to ₦1,500 a 50% increase, and the one clearly unfavorable change for customers in this update. This applies whether you're getting your first card, replacing a lost or damaged one, or renewing an expired one.
Withdrawing from another bank's ATM still costs ₦100 per ₦20,000, and off-site ATMs (in malls, fuel stations, etc.) can add a surcharge of up to ₦500 on top of that unchanged from before, but worth knowing since it's easy to assume all ATM fees fell under the same reduction.
A new stamp duty shifted onto senders. Nigeria's Electronic Money Transfer Levy, a flat ₦50 charge on transfers of ₦10,000 and above used to be deducted from the receiver. As of 2026, this has effectively moved to the sender's side for many transaction types, meaning sending money now costs slightly more than it used to for amounts above ₦10,000, even as the base transfer fee itself dropped.
What Stayed Free (and Should Always Be)
- SMS alerts for bank-induced transactions (like an incoming credit) remain free. You can only be charged for SMS alerts on transactions you initiate, and only on a strict cost-recovery basis banks are explicitly barred from profiting off SMS fees.
- Account reactivation for a dormant account
- Closing any account savings, current, or domiciliary
- PIN reissue or reset
- Software token (OTP) delivery, except when delivered via SMS
The Rule That Protects You Most: Mandatory APR Disclosure
Beyond fee caps, the new guide requires every financial institution to disclose loan costs as a single Annual Percentage Rate (APR) combining the interest rate and every associated fee into one number. This closes a common trick where a loan's advertised interest rate looked low, but hidden fees made the real cost much higher. Lenders must now also notify you in advance of any change to your agreed rate.
What To Do If You're Overcharged
The CBN backs this guide with real enforcement: financial institutions that violate any provision face a fine of ₦2 million per violation. If you spot a charge that doesn't match what's outlined here:
- Query your bank directly first, citing the CBN's 2026 Guide to Charges by name.
- Escalate to the CBN's Consumer Protection Department if your bank doesn't resolve it satisfactorily.
- Keep your transaction records and screenshots, you'll need them to file a clear complaint.
Frequently Asked Questions
When did the new CBN bank charges take effect? May 1, 2026, under the revised Guide to Charges by Banks and Other Financial Institutions, which replaces the 2020 version.
Are card maintenance fees really gone? Yes, for naira-denominated debit and credit cards. Card issuance and replacement still cost ₦1,500 (up from ₦1,000), and foreign-currency card annual maintenance is now $10 instead of $20.
Can my bank still charge me for SMS alerts? Only for transactions you initiate yourself, and only on a cost-recovery basis, banks cannot profit from SMS charges. Alerts for money coming into your account, and all email alerts, must be free.
How much does a bank transfer cost now? ₦10 for transfers under ₦5,000, ₦25 for transfers between ₦5,000 and ₦50,000, and ₦50 for transfers above ₦50,000 plus a separate ₦50 stamp duty on transfers of ₦10,000 and above, now typically borne by the sender.
What do I do if my bank overcharges me? Query your bank directly, citing the CBN's 2026 Guide to Charges. If unresolved, escalate to the CBN's Consumer Protection Department with your transaction records.
Source: Central Bank of Nigeria — Guide to Charges by Banks and Other Financial Institutions, 2026 (cbn.gov.ng).
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