CBN Scraps Five Major Bank Charges From January 2026

Thu, 29 Jan 2026 18:53:10 +0000

The Central Bank of Nigeria has confirmed that from January 2026, five major bank charges will be scrapped as part of a new policy designed to ease financial pressure on customers and strengthen consumer protection. The reforms target fees that have long attracted public criticism, including specific transfer levies, card maintenance deductions, and SMS alert charges. Analysts note that the decision could offer significant relief to low-income earners and small businesses while pushing banks to rethink their revenue models. With more rigid compliance rules expected, regulators are preparing to ensure customers are not exposed to indirect or hidden deductions. Featuring insights from Muktar Mohammed of Financewithmuktar. Watch the full breakdown.
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