Business
Cut in Bank Charges: CBN Lists Penalties for Defaulters
The Central Bank of Nigeria (CBN) on Sunday reduced all bank charges, with some getting more than 50 per cent cut, with effect from January 1, 2020.
According to the apex bank, the decision, which came amid public outcry against multiplicity and value of the charges, is aimed at making financial services more accessible and affordable to various stakeholders in the economy.
The reviewed charges and fees for banking services are contained in the new “Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions,” which now supersedes the 2017 version.
The CBN said the new charges were “arrived at after extensive consultations with stakeholders and the action is expected to enhance flexibility, transparency, and competition in the Nigerian banking industry.”
The guide stipulates a penalty of N2million per infraction or as may be determined by the CBN as a guard against excess, unapproved or arbitrary charges by banks and other financial institutions.
Besides, failure by any bank to comply with the CBN’s directive in respect of any infraction shall also attract a further penalty of N2million daily or as may be determined by the apex bank, until the directive is complied with.
To emphasise the seriousness of the new rule, the Director of Corporate Communications Department, CBN, Isaac Okorafor, said the banks had been directed to henceforth log every complaint received from their customers into the Consumer Complaints Management System (CCMS).
Additionally, they are to generate 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 amounts to a breach and is sanctionable with a penalty of N1million per breach,” he said.
According to him, “this is the time financial services providers and their customers alike have to acquaint themselves with the provisions of the guide and be guided accordingly.”
Specifically, for cards linked to a savings account, the 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.
The guide has removed Card Maintenance Fee (CAMF) on all cards linked to current accounts. It also pegged a maximum of N1 per mile for customer-induced debit transactions on current accounts to third parties and transfers or lodgments to the customers’ current accounts in other banks.
There is now a reduction in the amount payable for cash withdrawals from other banks’ Automated Teller Machines (ATMs), known as Remote-on-Us, from N65 to N35.
Other reductions include Advance Payment Guarantee (APG), which is now pegged at a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
For all debit cards, a one-off charge at N1,000 applies to the issuance, irrespective of card type- regular or premium. The same one-off charge of N1,000 applies for the replacement of debit cards at the customer’s instance for loss, damage or expiry. Conversely, no charge shall be required for pre-paid card loading/unloading.
Okorafor explained that the current NIBSS Instant Payment charges applied to the use of Unstructured Supplementary Service Data (USSD), as purchase with cash-back will attract a charge of N100 per N20,000, subject to cumulative N60,000 daily withdrawal.
“There will be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts, while status inquiry 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.
“CBN carried out the review of the guide, which also prescribes charges permissible for other financial institutions and non-bank financial institutions, to align with market developments,” he added.
The Guardian
For many Nigerians, home ownership has always felt like a long dream parked somewhere between someday and maybe. However, the MREIF Mortgage Loan by FirstBank of Nigeria is quietly changing that narrative.
Here are five things you should know:
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3. It is a Step Toward Financial Security.
Rent is an expense. A mortgage is an asset building strategy. This loan bridges the gap between today’s income and tomorrow’s equity.
4. The Diaspora Dream Is Alive
Nigerians abroad, take note; you can access this too. All you need is credit scores from international agencies like Equifax (plus a few extra documents) and that Lagos or Abuja home isn’t just a retirement fantasy anymore. It turns real.
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In celebration of the Easter season, Adron Homes and Properties Limited has announced the launch of its much-anticipated Easter Fiesta Promo, offering Nigerians a unique opportunity to secure land ownership with a 30 percent discount and flexible payment plans of up to 36 months.
The promo, which runs for a limited period, is designed to make property acquisition easier and more rewarding for families, working professionals, entrepreneurs, and investors seeking to build long-term wealth through real estate.
According to the company, the Easter Fiesta covers its estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja (FCT), Nasarawa, and Niger.
Management noted that Easter symbolizes renewal, sacrifice, and new beginnings, values that align with the company’s mission of helping Nigerians secure tangible assets that create generational impact.
“Easter represents hope and a fresh start. At Adron Homes, we believe one of the most meaningful ways to embrace new beginnings is through property ownership. This promo is structured to remove financial barriers and encourage more Nigerians to invest in land, which remains one of the safest and most reliable assets,” the company stated.
Beyond the 30 percent discount, subscribers will also enjoy structured gift packages under both Platinum and Compact plot categories, with milestone-based rewards ranging from food items and livestock to household appliances. The initiative is aimed at providing immediate value while customers build long-term investment portfolios.
Industry analysts have consistently identified land banking in rapidly expanding suburban corridors as a strategic hedge against inflation and economic uncertainty. By offering extended installment plans of up to 3 years, Adron Homes is positioning itself as a key player in addressing accessibility challenges in Nigeria’s housing ecosystem.
With verified titles, strategic estate planning, and customer-friendly payment structures, the company continues to reinforce its reputation as one of Nigeria’s leading real estate brands.
As the Easter celebration approaches, prospective subscribers are encouraged to take advantage of the limited-time Easter Fiesta offer through accredited marketers and Adron Homes offices nationwide.
This Easter, the company urges Nigerians to look beyond short-term festivities and embrace investments that build a lasting legacy.
Ecobank Nigeria, a subsidiary of the leading pan-African financial services group Ecobank Group, has unveiled a significantly enhanced version of its multi-award-winning gender financing initiative, Ellevate by Ecobank, as part of activities commemorating International Women’s Day 2026. The upgraded programme reinforces the bank’s long-term commitment to advancing women-led enterprises in Nigeria and across Ecobank’s pan-African footprint.
Originally launched to improve access to finance for women-owned, women-led, and women-focused small and medium-sized enterprises (SMEs) within its Commercial Banking segment, the enhanced Ellevate programme now adopts a broader, more inclusive structure. The new framework extends across all business segments, positioning Ellevate as a comprehensive ecosystem designed to address the structural financing and growth barriers faced by women entrepreneurs.
Speaking on the development, Managing Director of Ecobank Nigeria, Bolaji Lawal, said the enhanced programme further strengthens the bank’s ambition to be the financial partner of choice for women entrepreneurs.
“Since its launch in Nigeria in July 2021, Ellevate has delivered meaningful impact for SMEs and women-led businesses. This next phase deepens our value proposition and reinforces our resolve to remain the preferred financial partner for women entrepreneurs,” he said.
Under the expanded structure, beneficiaries will enjoy improved access to credit on competitive terms, including more flexible collateral considerations aimed at easing traditional financing constraints. Beyond lending, the programme integrates digital payment, collections, and cash management solutions to enhance operational efficiency and support scalability.
A core pillar of the enhancement is structured market access. Through the bank’s MyTradeHub online matchmaking platform and e-commerce enablement capabilities, women entrepreneurs will be better positioned to connect with customers and trade partners across Africa, facilitating cross-border expansion and participation in regional value chains.
The initiative also incorporates robust non-financial support mechanisms, including targeted training programmes, leadership development sessions, and knowledge-sharing platforms to strengthen managerial capacity and long-term sustainability. This is complemented by access to customised wealth management advisory services, integrated insurance solutions, and a loyalty framework offering commercial incentives through select retail and lifestyle partnerships.
Lawal noted that the programme aligns with Ecobank’s broader ambition to drive inclusive growth by empowering women as critical contributors to economic development.
“African businesswomen deserve world-class banking solutions that drive turnover, profitability, and sustainable growth. Our approach goes beyond financial inclusion to building an enabling ecosystem that enhances competitiveness and long-term resilience,” he added.
He further highlighted that Ecobank Nigeria consistently hosts flagship platforms such as Adire Lagos, Oja Oge, +234Art Fair, the Lagos Pop-Up Museum, SME Bazaar, and the Design & Build Exhibition, which provide prominent opportunities for showcasing and elevating women-owned businesses.
With this enhancement, Ecobank Nigeria deepens its strategic positioning in gender-lens financing while aligning with its wider pan-African mandate to advance financial inclusion, SME development, and regional trade integration.
