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 the currency of the sender and recipient’s currencies differ.
The message sent to customers reads:
Ecobank Africa Fees (Transfers Across Africa):
Kejawa explained that the changes are necessary to align with current business conditions.
The statement continued:
TimesNow.com.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 TimesNow.com.ng
Source: TimesNow.com.ng
