Ecobank Cuts SuperSavers Interest Rates, Effective October 16, 2026

Ecobank Nigeria has cut the interest rates it pays on its SuperSavers savings product, with the new rates taking effect on October 16, 2026. The bank tied the decision to a recent review of the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN).

The adjustment covers customers across four deposit tiers, with reductions ranging from 1.18 to 3.18 percentage points depending on how much a customer saves.

What Each Tier Will Earn

Customers saving between N1 million and N19.99 million will see their annual interest rate drop from 10.18% to 8.00%.

Those in the N20 million to N99.99 million bracket will see their rate fall from 11.00% to 9.00% per annum.

For larger savers, deposits between N100 million and N199.99 million will attract 10.00% per annum, down from 13.18%.

Deposits of N200 million and above will see their rate fall from 13.18% to 12.00% per annum.

The revised rates at a glance:

N1 million to N19.99 million: 10.18% to 8.00%
N20 million to N99.99 million: 11.00% to 9.00%
N100 million to N199.99 million: 13.18% to 10.00%
N200 million and above: 13.18% to 12.00%

Why The Bank Is Cutting Rates

In its notice to customers, Ecobank said it understood the importance of interest rate changes and appreciated customers' continued trust. The bank added that it remained committed to offering competitive savings products and quality banking services.

The MPR, set by the CBN, serves as a benchmark that influences borrowing and savings rates across Nigeria's banking sector. When the apex bank adjusts the policy rate, commercial banks may review the rates they offer on deposits and what they charge on loans.

Ecobank's decision to revise its SuperSavers rates downward means customers will earn less annual interest on their savings from October 16, 2026, compared with the previous rates.

What Customers Should Do

Customers seeking clarification on how the changes affect their accounts can call the bank's 24-hour contact centre or visit their nearest branch.

The cut is a direct hit to savers chasing yield. A customer with N19 million in SuperSavers moves from earning about N1.93 million a year to roughly N1.52 million, a loss of over N400,000 in annual interest. For Nigerians weighing savings accounts against treasury bills and other naira instruments, the gap between bank deposit rates and government securities just widened again.

Earlier, the Bank of Industry (BOI) launched a new digital platform called MyBOI, which allows Nigerian businesses to apply for financing, complete onboarding and monitor their loan applications from start to finish without visiting a branch. The bank described the portal as a central part of its Credit Process Re-engineering and Automation Initiative, built to tackle longstanding problems in its financing process, including manual paperwork, multiple customer touchpoints and slow turnaround times that left applicants with little visibility into where their applications stood.