Nigeria’s banking landscape is set for another major shift as the Central Bank of Nigeria moves to enforce stricter accountability and transparency across all electronic transactions and service charges.
In a circular dated April 21, 2026, the apex bank unveiled the _Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026_, introducing sweeping compliance measures that place failed digital transactions under direct regulatory scrutiny.
Signed by Dr Rita Sike, Director of the Financial Policy and Regulation Department, the draft mandates that Chief Compliance Officers and Heads of Information Technology jointly file monthly electronic reports detailing all failed transactions. The scope covers ATMs, Point of Sale terminals, mobile banking, web platforms, and any other e-channels, whether the transactions originate or terminate within the reporting institution.
“These reports shall be submitted to designated CBN email addresses,” the circular stated, underscoring a push for real-time monitoring of service disruptions that have long, frustrated bank customers.
But the draft goes beyond failed transaction reporting. It places the burden of compliance squarely on the executive tier. Managing Directors and Executive Compliance Officers must now ensure that every business unit adheres to the new guide, while Heads of IT are directed to configure banking systems to apply only charges explicitly approved by the CBN.
Chief Compliance Officers will serve as internal watchdogs, tasked with monitoring system-wide adherence to the framework.
Set to take effect May 1, 2026, the revised guide replaces the 2020 edition. According to the CBN, the overhaul is designed to foster a safer, more innovative financial system while deepening inclusion through reduced tariffs on micropayments and low-value transfers.
The regulator also aims to curb arbitrary fees and expand oversight to accommodate new players entering the financial services space.
A central pillar of the 2026 draft is the introduction of explicit caps on common banking charges. Interbank transfers will attract no fee for transactions up to N5,000; N10 for transfers between N5,000 and N50,000; and N50 for amounts above N50,000.
ATM withdrawals remain regulated. Customers using other banks’ on-site ATMs will pay N100 per N20,000 withdrawn, with surcharges on off-site machines also capped.
In a win for consumers, the CBN retained zero charges for account reactivation, closure, and mandatory monthly statements. Fees for services like statement requests to third parties and card issuance will now have upper limits.
The guide further stipulates that where a charge is marked “negotiable,” banks must inform customers of their right to negotiate and secure agreement through verifiable channels. Any product, service, or fee not listed in the guide will require prior written approval from the CBN before rollout.
On the credit side, the CBN is mandating full cost transparency. All loan pricing must be quoted using the Annual Percentage Rate, giving borrowers a clear view of total credit costs upfront. Default penalties are capped at 1% per month for naira-denominated loans and 0.25% for foreign currency facilities.
Loan agreements must disclose borrower details, purpose, repayment schedule, collateral, interest rates, and penalties. The draft also bars banks from applying non-credit charges beyond a customer’s available balance, with unpaid charges to be deferred without accruing interest.
The framework applies broadly — commercial banks, merchant banks, payment service banks, non-interest banks, microfinance banks, finance companies, primary mortgage banks, development finance institutions, credit guarantee companies, and mobile money operators are all covered.
Stakeholders have until May 8, 2026, to submit comments before the guide is finalised.
The latest move builds on earlier CBN consumer-protection efforts. In October 2025, _The PUNCH_ reported the regulator’s directive compelling banks to refund customers for failed ATM transactions within 48 hours — part of a wider drive to rebuild trust in Nigeria’s digital payment ecosystem.
For an industry still grappling with network downtimes, disputed debits, and opaque fees, the 2026 guide signals the CBN’s intent to shift from reactive sanctions to proactive, data-driven supervision. By forcing joint IT compliance reporting, the bank is effectively creating an audit trail for every dropped transaction.
The charge caps and mandatory negotiation disclosures could also reset customer expectations, particularly as fintechs and payment service banks compete on pricing. Yet implementation will hinge on system upgrades and genuine board-level buy-in — areas where previous guides have faced uneven adoption.
If enforced, the framework may reduce friction in Nigeria’s cashless drive, lower the cost of micropayments, and improve dispute resolution. The open question: whether tighter controls will stifle product innovation or simply channel it through the CBN’s pre-approval window.
Either way, May 1 marks a new compliance era for Nigerian finance, with failed transactions and hidden fees firmly in the regulator’s crosshairs.
CBN Tightens Oversight: New Reporting Rules, Charge Caps Set to Reshape Nigeria’s Financial Services By Clement Aguiyi
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