Ecobank Nigeria has announced adjustments to its international transfer fees effective from Friday, November 1, 2024,.....Read The Full Article>>.....Read The Full Article>>
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 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 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.
