Nigerian Bank Increases Transfer Fee from November 1, Advises Customers

Nigerian Bank Increases Transfer Fee from November 1, Advises Customers

  • Ecobank has announced revised international transfer fees, including those for intra-African transactions.
  • Customers will now pay up to $5 for transactions below $200, while transfers above $200 will incur a $10 fee.
  • The commercial bank explained that the decision to increase the fees reflects current economic realities.

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Ecobank Nigeria has announced adjustments to its international transfer fees effective from Friday, November 1, 2024,

In a statement to customers titled 'Important update: revised international transfer fees' signed by Adebayo Kejawa, the bank’s acting head of payments said the changes are in response to current business realities.

Ecobank new international fees
Ecobank customers to pay more on international transactions Photo credit: Bloomberg/contributor
Source: Getty Images

The revised fees include a new SWIFT charge and Intra-African transfers within the Ecobank network:

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SWIFT payments typically incur a foreign exchange (Forex) fee when the currency of the sender and recipient's currencies differ.

The message sent to customers reads:

We would like to take this opportunity to express our sincere gratitude for your continued patronage, especially regarding international transfers. We remain committed to providing you with the highest level of service.
"Due to current business realities, we are revising our fees for international transfers effective November 1, 2024.

The new fees breakdown

  • Telex fee: SWIFT charge- $15 or the equivalent of naira using a prevailing exchange rate

Ecobank Africa Fees (Transfers Across Africa):

  • For transfers up to $200: A flat fee of $5.00
  • For transfers from $200.01 to $3,000: A 0.5% fee, with a minimum charge of $10.00
  • For transfers from $3,000.01 to $10,000: A flat 0.5% fee

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Kejawa explained that the changes are necessary to align with current business conditions.

The statement continued:

"All other fees remain unchanged. We appreciate your understanding of these necessary adjustments. Our commitment to delivering the best possible service remains our top priority."

Five largest commercial banks in Nigeria by assets in 2024

Legit.ng earlier reported that the combined total asset value of Nigeria's tier-one largest banks increased to N116.80 trillion as of the end of the first quarter of 2024.

This figure represents a 23.81% or N22.46 trillion increase compared to N94.33 trillion as of December 2023.

A bank asset refers to any resource that a bank owns or controls that has economic value and is expected to provide future financial benefit.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

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Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.