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CBN Slashes Electronic Transfer; ATM Withdrawal Charges

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The Central Bank of Nigeria (CBN) has reviewed downward electronic transfer and ATM fees as well as card maintenance fees.

The new charges were contained in the latest Guide to Charges by Banks and Other Financial Institutions just released by the CBN

According to the CBN, bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge.

Previously, bank customers pay N50 charge for electronic transfers below N500,000.

Further, the CBN in the new Guide to Bank Charges slashed charges for cash withdrawal via Other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within the same month”.

The CBN also removed Card Maintenance Fee (CAMF) on all cards linked to current accounts, a maximum of one Naira per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other banks on current accounts only,

Commenting on the new charges, Director, Corporate Communications, CBN, Isaac Okorafor explained that the current NIP charges apply to use of Unstructured Supplementary Service Data (USSD), purchase with cash-back will attract a charge of N100 per N20,000 subject to cumulative N60,000 daily withdrawal. Also, for cards linked to savings account, a maintenance fee has been reduced to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600.

Furthermore, he hinted that there will be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts while status enquiry at the request of the customer (like confirmation letter, letter of non-indebtedness and reference letter) will now attract a fee of N500 per request.

On Current Account Maintenance Fee (CAMF), the Guide expressly stated that this would be applicable only to current accounts in respect of customer-induced debit transactions to third parties and debit transfers/lodgments to the customer’s account in another bank. It emphasized that CAMF is not applicable to Savings Accounts.

According to the Director, the CBN carried out the review of the Guide, which also prescribes charges permissible for Other Financial Institutions and non-bank financial institutions, in order to align with market developments.

To guard against excess, unapproved or arbitrary charges by banks and other financial institutions, the Guide stipulates a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time for financial institutions that breach any provision of the guide. The Guide also emphasized that failure by any bank to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.

Consequently, the CBN directed banks to log every complaint received from their customers into the Consumer Complaints Management System (CCMS) in addition to generating a unique reference code for each complaint lodged, which must be given to the customer. Failure to log and provide the code to the customer, it added, amounts to a breach and is sanctionable with a penalty of N1,000,000 per breach.

The charges prescribed in the Guide were arrived at after extensive consultations with stakeholders and is expected to enhance flexibility, transparency and competition in the Nigerian banking industry.

This Guide, which replaces the Guide to Charges by Banks and Other Financial Institutions issued in 2017, takes effect from January 1, 2020, and maybe reviewed from time to time to reflect changes in the business environment.

The CBN, therefore, urged financial services providers and their customers alike to acquaint themselves with the provisions of the Guide and be properly guided accordingly.

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South Africa and Xenophobia: A Crisis of Unity and Memory – By Dr George Ogunjimi

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Xenophobia in South Africa has become a deeply troubling issue, raising questions about unity, historical memory, and the values that once defined the African struggle for liberation.

While concerns about illegal immigration and documentation are valid, they cannot justify the violence, hostility, and loss of life that have increasingly targeted foreign nationals, particularly fellow Africans.

 

The recurring outbreaks of violence—such as the 2008 South African xenophobic riots—highlight a pattern that continues to resurface. Incidents like the recent killing of a Nigerian taxi driver, widely shared in disturbing videos, serve as painful reminders of how severe and personal this crisis has become. These acts not only harm individuals and communities but also damage the broader vision of African solidarity.

 

Historically, many African nations, including Nigeria, stood firmly against Apartheid, offering financial, political, and moral support to movements like the African National Congress. This shared struggle fostered a sense of continental unity—an idea that now seems under strain.

 

Figures like Julius Malema have spoken about African unity and condemned xenophobic violence, though the broader political and social landscape remains complex. The persistence of these attacks suggests deeper underlying issues, including economic inequality, unemployment, and social frustration.

 

Ultimately, xenophobia in South Africa is not just a national issue—it is an African one. It challenges the continent to reflect on its shared history, its responsibilities to one another, and the urgent need to rebuild a sense of unity and mutual respect.

 

George Ogunjimi Esq

Juris Republic

jurisrepubliclegal@gmail.com

24/04/2026.

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Fidelity Bank Strengthens SME Support with High Impact Masterclasses on Pricing, Digital Growth and Global Expansion

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In line with its commitment to accelerating the growth of Small and Medium Enterprises (SMEs) across Nigeria, leading financial institution, Fidelity Bank Plc, has rolled out a series of high impact masterclasses designed to equip business owners with practical skills, improve operational efficiency and expand market access throughout the month of April 2026.

 

 

 

The first in the series, titled “Pricing That Works: How to Charge Right and Earn More,” held on Friday, April 10, 2026, at the Fidelity SME Hub in Gbagada, Lagos. The session focused on helping entrepreneurs set profitable, sustainable prices without losing customers, an essential factor for long-term business success.

 

 

 

About a hundred SMEs from different sectors attended the masterclass which saw participants receive guidance on key areas many small businesses struggle with including costing, value-based pricing, pricing psychology and customer perception.

 

 

 

Following the success of the pricing masterclass and testimonials from participants, the bank scheduled three additional masterclasses to run throughout April 2026. The second masterclass, held on Tuesday, 14 and Wednesday, 15 April 2026, was a practical, skill-building session titled, “Baking Masterclass: From Kitchen to Cashflow”. The session equipped bakers and food entrepreneurs with hands on techniques to refine their craft, improve product consistency and strengthen their earning potential.

 

 

 

Commenting on the initiative, Divisional Head, Small and Medium-scale Enterprises Banking, Fidelity Bank Plc, Ugochi Osinigwe said, “At Fidelity Bank, we believe that when SMEs succeed, the economy grows. That is why we have curated a suite of masterclasses that provide entrepreneurs with the practical skills they can apply immediately.

 

“Whether it is pricing correctly, improving product quality, mastering online sales, or preparing for international expansion, we are devoted to empowering SMEs with the tools they need to grow, thrive and prosper.”

 

 

 

She added that the SME Masterclass Series is part of Fidelity Bank’s broader mandate to support SMEs with business advisory, funding, market access and capacity-building initiatives delivered through the Fidelity SME Hub as well as dedicated SME support programmes nationwide. Osinigwe noted that the Bank recently received the Best Retail and SME Bank Award from Independent Newspapers, underscoring its industry leadership and unwavering commitment to growing Nigeria’s MSME sector.

 

 

 

A third masterclass, themed, “Grow Online Sales on a Budget”, is scheduled for April 24, 2026, and will equip entrepreneurs with practical strategies to boost visibility, engage customers, and increase sales using affordable online tools.

 

 

 

Similarly, the fourth and final masterclass, titled, “Take Your Business Global: One-on-One Trade Advisory”, will hold on April 29, 2026 and will serve as a personalized advisory clinic where SME owners will receive expert guidance on export readiness, cross-border payments, global market opportunities, and compliance requirements.

 

 

 

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

 

 

 

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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Taiwo Oyedele Takes Helm At Finance Ministry, Vows To Sustain Reforms

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Taiwo Oyedele officially has assumed office as the Minister of Finance and Coordinating Minister of the Economy.He takes over from Wale Edun following a cabinet reshuffle by President Bola Ahmed Tinubu announced earlier that week.

According to a statement issued on Friday by the Head of Information and Public Relations Unit, Efe Ovuakporie, the handover took place on Thursday, April 23, 2026, in line with a directive from President Bola Ahmed Tinubu.

The ministry noted that Edun’s time in office saw the implementation of several fiscal and economic measures aimed at stabilising the economy and setting it on a path of long-term growth. These efforts included steps to improve government revenue, strengthen coordination of public finances, and advance broader structural reforms under the current administration’s economic programme.

In his remarks after taking over, Oyedele praised his predecessor for his contributions to the country’s economic reforms. He commended Edun for his service and wished him well in his future endeavours.

The new minister also expressed gratitude to President Tinubu for entrusting him with the role. He said he is prepared to work closely with the leadership and staff of the ministry to achieve the government’s economic goals and deliver results that will benefit Nigerians.

Speaking on behalf of the ministry’s leadership, the Permanent Secretary, Raymond Omachi, along with the Permanent Secretary for Special Duties, Mohammed Sanusi Danjuma, assured the minister of their full cooperation and support in carrying out his responsibilities.

Oyedele said his focus would be on building on existing reforms while ensuring that government policies produce clear and measurable results across key sectors of the economy.

The ministry added that the change in leadership is expected to ensure continuity in its work, with ongoing attention on strengthening economic reforms, maintaining fiscal discipline, and improving outcomes for citizens.

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