See why Nigerian bank announces new transfer charges from November 1

• 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' and signed by Adebayo Kejawa, the bank’s acting head of payments said the changes are in response to current business realities.

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:

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

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.

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Source: Legit.ng