5 Online Banking Transactions Nigerians Can Now Enjoy for Free
By Abbas Badmus,
Millions of bank customers across Nigeria can now enjoy relief from some everyday banking charges following the implementation of the revised banking charges framework by the Central Bank of Nigeria (CBN).
The updated guide, aimed at promoting financial inclusion, protecting consumers, and encouraging the adoption of digital banking channels, has removed charges on several common banking services that customers previously paid for.
With the increasing reliance on mobile banking apps, internet banking, USSD services, and virtual cards, the new policy is expected to reduce the cost burden on individuals and small business owners who carry out regular digital transactions.
Below are five online banking transactions that are now free for customers in Nigeria:
1. Transfers Below ₦5,000
Under the revised policy, customers making interbank electronic transfers between ₦0 and ₦5,000 will no longer pay transfer charges.
This means Nigerians can now send small amounts to family, friends, artisans, traders, or transport operators without worrying about deductions from transaction fees.
The development is particularly beneficial to low-income earners and small-scale entrepreneurs who depend heavily on micro-transactions for daily business activities.
Financial analysts say the move could further encourage cashless transactions and increase digital payment adoption across the country.
2. ATM Withdrawals from Your Bank’s ATM
Customers withdrawing cash from their own bank’s Automated Teller Machines (ATMs), also known as “on-us” ATM transactions, are no longer required to pay withdrawal fees.
Previously, some banks imposed charges after a certain number of withdrawals within a month. However, the revised guideline now allows customers to access their money freely through their bank’s ATM network.
Industry observers believe this will improve customer satisfaction and reduce complaints relating to excessive banking charges.
3. Virtual Debit Card Issuance
Banks are now mandated to issue virtual debit cards to customers at no cost.
Virtual cards have become increasingly popular for online shopping, subscription payments, international transactions, and digital services because they offer additional security against fraud and unauthorized access.
The free issuance of virtual cards is expected to boost e-commerce participation and encourage more Nigerians to embrace digital financial services safely.
4. PIN Reset and Re-Issuance
Customers will also no longer pay fees for PIN reset or PIN re-issuance services.
In the past, users who forgot their transaction PINs or needed a new PIN for security reasons were often charged by banks before the service could be activated.
The removal of these charges is expected to make banking more convenient and customer-friendly.
Experts note that the policy could also encourage stronger security practices, as customers may now feel more comfortable changing compromised PINs without financial penalties.
5. Monthly Account Statements
Monthly account statements are now to be provided free of charge by banks.
Account statements remain an important financial record for salary earners, business owners, and organizations, helping customers monitor spending patterns, verify transactions, and maintain transparency in personal or corporate finances.
The development is expected to support better financial management while eliminating unnecessary administrative costs for customers.
The revised banking charges framework reflects the CBN’s broader commitment to improving transparency in the financial sector and reducing the financial burden on bank customers.
Experts believe the policy will strengthen confidence in Nigeria’s banking system while accelerating the country’s transition toward a more inclusive and digitally driven economy.
