Ecobank Lowers Savings Rates Following CBN Policy Change
Ecobank Limited has announced a reduction in interest rates on its naira savings products, attributing the change to the Central Bank of Nigeria's (CBN) recent adjustment of the Monetary Policy Rate (MPR). The revised rates, effective from September 24, 2026, impact four specific products: the All Savings Account, Save-As-You-Spend, MyFirst Account, and Target Savings Account.
The All Savings Account's rate decreased from 7.95% to 6.90% per annum, while the other three accounts saw a drop from 8.95% to 7.90% per annum. Customers are required to adhere to withdrawal limits to qualify for these rates, with All Savings Account and Save-As-You-Spend holders limited to four withdrawals per month, and Target Savings Account holders restricted to one withdrawal per quarter.
This decision follows the CBN's Monetary Policy Committee meeting on September 21 and 22, 2026, where the MPR was reset to 23%. The CBN described the adjustments as an operational realignment necessary for effective monetary policy transmission.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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