Ecobank Nigeria, a member of Africa’s leading pan-African banking group, has assured customers of uninterrupted access to banking services throughout the year-end holiday period via its secure and robust digital platforms. The Bank also urged customers to remain vigilant against fraud and scams during the festive season.

Ecobank Bank

Speaking on the development, Victor Yalokwu, Head, Products & Analytics, Consumer & Commercial Banking, Ecobank Nigeria, said the Bank’s digital channels – including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, RapidTransfer, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point (Agent Banking) locations nationwide – will remain fully available to support customers throughout the yuletide and year-end holiday period.

He noted that customers will continue to enjoy a wide range of services during the period, including local and international funds transfers, bill payments and airtime top-ups, merchant payments, balance inquiries and account statements, as well as cardless cash withdrawals via ATMs.

According to Yalokwu, “Ecobank encourages customers to leverage these digital solutions for safe, fast, and efficient banking, especially during the festive season when convenience and reliability are essential.

“While physical branch operations may be subject to adjusted working hours in line with public holidays, customers can be assured that Ecobank’s digital platforms are designed to deliver uninterrupted service and enhanced security at all times.

“Ecobank remains committed to providing innovative financial solutions and exceptional customer service, and we wish all our customers a joyful festive season and a prosperous New Year.”

Yalokwu also cautioned customers to remain vigilant against fraudsters and scammers during the period. “Before you wrap up the year, tighten your security. December brings online sales, travel, and year-end distractions—this is exactly when scammers are most active. From fake festive deals to cloned merchant sites and suspicious messages, staying vigilant helps keep your money safe.”

He advised customers to shop only on trusted websites, never share their PINs, passwords, or one-time passwords (OTPs), avoid banking on public Wi-Fi networks, be cautious of urgent or emotionally charged messages, and regularly review their account activity.

A new ₦50 charge on electronic money transfers above ₦10,000 is to take effect from Jan. 1, 2026, following preliminary system adjustments observed across several banking platforms ahead of the New Year.

CBN

The levy, tied to government stamp duty regulations, is separate from and in addition to regular bank transfer fees already borne by customers.

Industry sources told the News Agency of Nigeria (NAN) on Friday in Lagos that while existing bank charges would remain unchanged, customers initiating qualifying transfers would now pay both their normal transfer fees and the extra ₦50 stamp duty per transaction.

In a major shift to the current practice, the ₦50 levy which was previously borne by receivers of funds will now be paid by senders.

This implies that for every electronic transfer above ₦10,000, the sender will bear the full cost of the stamp duty alongside the standard transaction fees charged by their bank.

According to the emerging charge structure sighted on some banking platforms, the new levy applies only to transactions above ₦10,000 and will be deducted on a per-transaction basis.

Transfers below ₦10,000 remain exempt, while movements of funds between accounts owned by the same individual within the same bank are also not affected.

Analysts, however, warn that for millions of Nigerians who rely on frequent small-value transfers to meet daily needs, the additional government charge, layered on existing banking costs, could deepen financial strain for households already operating on thin margins.

Customers have in recent weeks raised concern over what they describe as a steady rise in transaction-related deductions, noting that the quiet rollout of the new ₦50 levy has heightened anxiety.

They observed that January is traditionally one of the most financially challenging months for households, driven by school fees, rent renewals, food inflation and post-holiday obligations, and questioned the timing and limited public communication around a change that directly affects routine financial activity.

Digital transfers have become central to everyday life in Nigeria, underpinning business settlements, informal trade, family remittances and emergency support.

With more than 70 per cent of transfers estimated to fall below ₦20,000, financial experts say the cumulative impact of a ₦50 charge on each qualifying transaction, when combined with existing bank fees, will significantly raise monthly transaction costs for individuals and micro and small enterprises.

For many Nigerians, the concern extends beyond the levy itself to the broader pattern of rising financial pressure that has eroded household resilience over time.

They point to the combined weight of escalating food prices, high transportation costs, stagnant incomes and a range of service charges that, in their view, “pile up quietly in the background”.

Stakeholders fear that introducing an additional government-backed charge at the start of the year, and doing so with minimal public sensitisation, may reinforce perceptions that more cost-heavy policies could be introduced in 2026 without adequate engagement or clarity.

“Why is such a significant cost being quietly introduced at the start of the year? Why was there no widespread announcement or public sensitisation? And what other policy shifts might be coming that Nigerians have not yet been informed about?” one Lagos-based small business owner asked in a chat with NAN.

As Jan. 1 approaches, many households say they are bracing for yet another financial burden in an economy where, for them, every naira already feels stretched beyond its limit.

They called on relevant authorities and regulators to provide clear guidance on the new charge structure, explain its legal basis, and ensure that customers are adequately informed about how it will affect their daily transactions.

Nigerian Communications Commission (NCC) has said that Nigeria’s internet usage reached a record 1.24 million terabytes in November 2025.

According to the latest data from the NCC, the figure rose modestly from 1.235 million terabytes in October, reflecting steady growth in digital activity across the country.

Broadband penetration in Nigeria crossed the halfway mark in November 2025, reaching 50.58 per cent, up from 45.61 per cent in January, the telecoms regulator reported.

The figure, however, falls short of the 70 per cent coverage target outlined in the National Broadband Plan 2020–2025, which expires this month.

The country had roughly 109 million broadband subscriptions by November. Growth has been uneven, hindered by infrastructure and regulatory constraints, including frequent fibre-optic vandalism that triggers 30 to 43 network cuts daily, high right-of-way fees, and declining subscriber numbers earlier in the year.

Expansion of mobile networks, particularly 3G and 4G services, alongside limited 5G rollouts in urban centres, affordable smartphones, and competitive data plans, has driven uptake.

Investments in the National Communications Backbone and private-sector initiatives have also improved access, especially in underserved areas.

While Nigeria is gradually improving digital inclusion, achieving the original broadband plan remains challenging due to high infrastructure costs, coverage limitations, and deployment hurdles.

The NCC maintains that continued investment in mobile networks and broadband infrastructure will sustain gradual growth in the sector.

Commenting on the development, some Nigerian analysts attributed the surge to the broader mobile and broadband adoption and the growing appetite for streaming, online learning and other digital services.

According to the analysts, the figures suggest that internet connectivity is no longer a luxury but a necessity for both business and leisure, underscoring the slow but steady expansion of Nigeria’s digital economy.