Nigerian Bank Increases Transfer Fee from November 1, Advises Customers [Video]

• 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.

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 …