CBN Fees Database — Complete Nigerian Bank Charges 2026
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CBN Fees Database — Every Nigerian Bank Charge, Verified and Referenced
Transfer charges • ATM fees • Card fees • POS charges • SMS alert rules • EMTL / Stamp Duty • Account maintenance • Cash withdrawal limits • Loan disclosure rules — all sourced directly from CBN circulars with references. Nigeria’s only independent public fee database structured as a mini reference system.
You are reading Daily Reality NG — Nigeria’s independent digital publication from Warri, Delta State. This database exists because most Nigerians cannot easily access or interpret CBN circulars, yet those circulars govern every naira deducted from their accounts. This page was built by reading the primary CBN documents, cross-referencing them against verified journalism from BusinessDay, TheCable, Legit.ng, and Daily Trust, and presenting the information in a structured format that any Nigerian can use to verify whether their bank is charging them correctly. It is updated whenever the CBN issues new guidelines. No fee listed here is an estimate. Every figure has a CBN circular reference.
How to Use This Database
Find the fee type you want to verify in the Table of Contents. Each section includes: the CBN-approved amount, effective date, the specific CBN circular or document it comes from, VAT treatment, and whether the charge is new, unchanged, removed, or government-mandated. If you see a charge on your bank statement that is not listed here or exceeds the amounts shown, your bank may be overcharging you. Use the escalation contacts at the bottom of this page.
🔄 What Changed in 2025–2026 — Major CBN Fee Revisions at a Glance
Card Issuance ₦1,000 → ₦1,500
Standard naira debit/credit card issuance and replacement increased 50%. Effective May 1, 2026. Premium cards remain negotiable. Virtual cards remain free.
Card Monthly Maintenance SCRAPPED
The ₦50/month maintenance fee on naira cards (including VAT) has been completely eliminated effective May 1, 2026. This saves ₦600+ per year per card.
ATM Not-on-Us ₦35 → ₦100+
Off-bank ATM withdrawal fee increased from ₦35 to ₦100 (on-site) effective March 1, 2025. Off-site ATMs may charge additional ₦500 surcharge with prior disclosure.
EMTL Renamed Stamp Duty — Sender Now Pays
Effective January 1, 2026, EMTL is now Stamp Duty. Critical change: SENDER now pays ₦50 (previously deducted from RECIPIENT). Same ₦10,000 threshold applies.
Deposit Charges ELIMINATED
All limits on cash deposits have been removed. No fees on any cash deposit amount. Banks can no longer charge for depositing cash regardless of amount.
CAMF Phase-Out Starts 2026
Current Account Maintenance Fee capped at ₦0.50 per ₦1,000 in 2026, down from previous levels. Will reduce to ZERO by 2027. Only on current accounts.
Account Reactivation Now Free
Dormant account reactivation is explicitly free under the 2026 guide. Banks that charge for this are in breach of CBN guidelines.
APR Disclosure Mandatory
All loan products must now disclose the Annual Percentage Rate (APR) including all fees. Hidden loan charges are no longer permissible under the 2026 framework.
📋 Database Sections — Find Any Fee Instantly
- What Changed in 2025–2026 — At a Glance
- Section A: Electronic Transfer Fees (NIP)
- Section B: Stamp Duty / EMTL — Complete Breakdown
- Section C: ATM Withdrawal Fees
- Section D: Card Issuance, Maintenance & Replacement Fees
- Section E: POS & Merchant Service Charges
- Section F: Account Maintenance Fees (CAMF)
- Section G: Transaction Alert Fees (SMS & Email)
- Section H: Cash Withdrawal & Deposit Limits
- Section I: Bank Statement & Account Service Fees
- Section J: Loan Charges, Interest, and APR Disclosure Rules
- Section K: International & Foreign Currency Transaction Fees
- Section L: Miscellaneous Charges (Tokens, Cheques, SWIFT)
- Section M: Complete Master Fee Table — All Fees in One View
- Section N: CBN Circular Reference Registry
- Section O: Charges Banks CANNOT Legally Impose
- Section P: How to Dispute an Illegal Bank Charge
- Section Q: USSD Transfer Codes by Bank
- FAQ — 15 Questions Answered
💳 Section A: Electronic Transfer Fees (NIP / Inter-Bank)
Source: CBN Exposure Draft Guide to Charges, April 21, 2026 (effective May 1, 2026) | Signed: Dr. Rita Sike, Director, Financial Policy & Regulation
Electronic transfer fees govern what your bank charges for sending money to another account via mobile app, internet banking, USSD, or branch. These fees have been unchanged in the 2026 guide — the transfer fee structure from 2020 remains in effect. What has changed is the Stamp Duty (see Section B), which now also applies at the sender’s end for transfers of ₦10,000+.
| Transfer Amount | Bank Transfer Fee | VAT on Fee | Stamp Duty (if ≥₦10,000) | Total Cost to Sender | Status | Applies To |
|---|---|---|---|---|---|---|
| ₦0 — ₦5,000 | FREE | ₦0 | ₦0 (below threshold) | ₦0 total | ✅ Free | All channels: app, USSD, internet banking, branch |
| ₦5,001 — ₦9,999 | ₦10 | ₦0.75 (7.5% VAT) | ₦0 (below ₦10,000 threshold) | ₦10.75 | — Unchanged | All channels |
| ₦10,000 — ₦50,000 | ₦10 | ₦0.75 (7.5%) | ₦50 (Stamp Duty) | ₦60.75 total | ⚠️ Govt levy added | All electronic channels. Stamp Duty paid by sender (new from Jan 1, 2026) |
| Above ₦50,000 | ₦50 | ₦3.75 (7.5%) | ₦50 (Stamp Duty) | ₦103.75 total | ⚠️ Govt levy added | All electronic channels |
| Intra-bank transfer (same bank) | FREE | ₦0 | ₦0 (same institution, same BVN — exempt) | ₦0 | ✅ Free | Transfers between accounts at the same bank. Stamp Duty exemption applies if same BVN/NIN. |
| Bulk payments (salaries, dividends) | Negotiable — max ₦15 per beneficiary | 7.5% on fee | ₦50 per beneficiary transfer ≥₦10,000 | Up to ₦65.75 per beneficiary | 🔗 Negotiable | Payroll disbursement, dividend payment batches |
| Transfer fee source: CBN Guide to Charges 2020 (transfer fee structure retained in 2026 exposure draft); Legit.ng — CBN April 2026 Exposure Draft confirmation. Stamp Duty source: TheCable — Stamp Duty Jan 2026. | ||||||
💹 Section B: Stamp Duty / EMTL — The Complete Breakdown
Source: Nigeria Tax Act (NTA) 2025 — effective January 1, 2026 | Administered by: Federal Inland Revenue Service (FIRS) | Previously: Finance Act 2020, EMTL Regulations 2022
🚨 Critical Change: WHO Pays the ₦50 Changed on January 1, 2026
Before January 1, 2026: the ₦50 was deducted from the RECIPIENT’s account when they received money of ₦10,000+. After January 1, 2026 (under the Nigeria Tax Act 2025): the ₦50 is deducted from the SENDER’s account at the time of sending. The threshold (₦10,000) and the amount (₦50 flat) are unchanged. The entity receiving payment now gets their full amount. The entity sending payment now pays ₦50 more. If you send ₦50,000 to someone, they receive ₦50,000. You are charged ₦50,000 + ₦50 (Stamp Duty) + ₦50 (transfer fee) + ₦3.75 (VAT) = ₦50,103.75 total. Source: Daily Trust (December 2025); TheCable confirmation.
Finance Act 2020
EMTL introduced. ₦50 on transfers ≥₦10,000. Recipient pays.
EMTL Regs 2022
FIRS regulations solidified administration and collection requirements.
Sep 2024
Fintechs (OPay, PalmPay, etc.) begin collecting EMTL after FIRS enforcement.
NTA 2025 (Jan 2026)
EMTL renamed Stamp Duty. SENDER now pays ₦50. Recipient receives full amount.
Who Gets the ₦50
Goes directly to FIRS (Federal Govt). Bank retains nothing. Banks collect and remit.
| Scenario | Stamp Duty Applied? | Amount | Who Pays | Notes |
|---|---|---|---|---|
| Transfer ≥ ₦10,000 to another person / business | ✅ YES | ₦50 flat | Sender | Applies regardless of transfer amount (whether ₦10,000 or ₦10 million, it is always ₦50 flat) |
| Transfer < ₦10,000 | ❌ NO | ₦0 | N/A | Below the ₦10,000 threshold. No Stamp Duty regardless of channel. |
| Transfer between your OWN accounts (same name, same BVN) | ❌ NO | ₦0 | N/A | Same-owner intra-account transfers are exempt from Stamp Duty per NTA 2025 |
| Transfer in foreign currency (USD, GBP, EUR) | ✅ YES | ₦50 equivalent | Sender | Applies to naira equivalent of ≥₦10,000 at official CBN exchange rate at time of transfer |
| Salary payment from employer to employee | ✅ YES (per transfer) | ₦50 per employee transfer ≥₦10,000 | Employer (sender) | Applies to each payroll disbursement above ₦10,000. Multiplied across a large payroll, this is significant. |
| POS cash withdrawal from agent | ❌ NO | ₦0 | N/A | POS cash-out is not classified as an electronic transfer for Stamp Duty purposes |
| USSD transfer ≥ ₦10,000 | ✅ YES | ₦50 | Sender | Channel does not matter. USSD transfers are electronic transfers. Threshold and flat rate apply. |
| EMTL generated ₦219.11 billion for the Nigerian government in 2024 alone (above its ₦174.24 billion projection). Source: TechCabal (December 2025); SmartSMSSolutions EMTL explainer; Legit.ng UBA Stamp Duty confirmation (Dec 2025). | ||||
💴 Section C: ATM Withdrawal Fees
Source: CBN Circular — Review of ATM Transaction Fees, February 10, 2025 (effective March 1, 2025) | Integrated into CBN 2026 Exposure Draft | CBN FAQ on ATM fees (official PDF)
| ATM Type | Location Type | Charge Per Withdrawal | For Withdrawals Above ₦20,000 | Daily Cap | Effective Date | Status |
|---|---|---|---|---|---|---|
| On-Us ATM (your own bank’s ATM) | Any location | FREE — ₦0 | FREE regardless of amount | Subject to your bank’s daily withdrawal limit | March 1, 2025 | ✅ Always Free |
| Not-on-Us ATM (another bank’s ATM) | On-site (inside or adjacent to a bank branch) | ₦100 per ₦20,000 | +₦100 for each additional ₦20,000 or portion. E.g., ₦40,000 withdrawal = ₦200. | ₦60,000 cumulative daily withdrawal via not-on-us ATMs | March 1, 2025 | 🚨 Updated 2025 |
| Not-on-Us ATM (another bank’s ATM) | Off-site (malls, petrol stations, airports, supermarkets, public areas) | ₦100 + surcharge up to ₦500 | +₦100 for each additional ₦20,000 + the ₦500 off-site surcharge (one-time per transaction, not per ₦20,000). | Same ₦60,000 daily cap | March 1, 2025 | 🚨 Updated 2025 — Disclosure required |
| International ATM (withdrawals outside Nigeria) | Any | Charged at actual cost by the international acquirer. Your bank passes through the exact cost with no markup. Plus international card usage charges may apply. | Subject to your bank’s daily foreign withdrawal limit | Per 2020 guide, retained 2026 | — Unchanged | |
| Key rule: Off-site ATMs must disclose the surcharge to you before you complete the withdrawal. You have the right to cancel after seeing the fee without being charged. Source: Nigeria Startup Act ATM fee guide; CBN official ATM FAQ. Note: Stamp Duty does NOT apply to ATM cash withdrawals — only to electronic transfers. | ||||||
💡 Did You Know? The True Cost of Withdrawing from an Off-Site ATM
A ₦20,000 withdrawal from an off-site ATM (like one at a mall or filling station) can now cost up to ₦600 in fees — ₦100 base fee + ₦500 off-site surcharge. That represents 3% of the withdrawal amount in fees alone. For a ₦10,000 withdrawal at an off-site ATM, the fee can equal 6% of the transaction value. The CBN requires that the surcharge be displayed before transaction completion, allowing you to cancel. If the machine charges without prior disclosure, that is a violation you can report to CBN. Source: WithinNigeria ATM fee explainer (April 2026).
💳 Section D: Card Issuance, Maintenance & Replacement Fees
Source: CBN Exposure Draft Guide to Charges 2026, April 21, 2026 (effective May 1, 2026) | Circular signed by Dr. Rita Sike
| Card Type / Action | Charge (2026) | Previous Charge | Change | VAT | Notes |
|---|---|---|---|---|---|
| Standard Naira Debit Card — Issuance (new card) | ₦1,500 | ₦1,000 | ⇧ +₦500 (50% increase) | 7.5% VAT applies (total ₦1,612.50) | Applies across all CBN-regulated institutions — commercial banks, MFBs, PSBs, MMOs |
| Standard Naira Debit Card — Replacement (lost, stolen, damaged, expired) | ₦1,500 | ₦1,000 | ⇧ +₦500 (50% increase) | 7.5% VAT applies | Same ₦1,500 whether lost, stolen, damaged, or expired |
| Standard Naira Debit Card — Monthly Maintenance | FREE — SCRAPPED | ₦50/month (₦600/year + VAT) | Eliminated May 1, 2026 | N/A | This charge has been completely eliminated. Banks continuing to charge it are in violation. |
| Virtual Card (naira) | FREE | Free (unchanged) | — No change | N/A | Virtual cards remain permanently free. No issuance fee, no maintenance fee. |
| Premium Debit / Credit / Hybrid Card — Issuance | Negotiable | ₦1,000 (was fixed) | 🔗 Now Negotiable | 7.5% if fee charged | Platinum, Black, World cards — fees negotiated between you and your bank |
| Foreign Currency (FCY) Card — Annual Maintenance | $10/year | $10/year | — Unchanged | 7.5% VAT may apply on naira equivalent | USD, GBP, EUR denominated cards. Only FCY cards still carry annual maintenance. |
| Hardware Token (internet banking security device) | ₦2,500 max (cost recovery) | ₦3,500 max | ⇩ Reduced | 7.5% VAT | Cost recovery means the bank cannot profit — only recovers the actual cost of the token |
| Sources: BusinessDay (April 25, 2026); TheCable (April 24, 2026); Daily Post (April 24, 2026). | |||||
📱 Section E: POS & Merchant Service Charges
Source: CBN Exposure Draft 2026, April 21, 2026 | CBN Guide to Charges 2020 (POS provisions retained and reinforced)
🚫 The Rule Nigerian Consumers Are Most Often Cheated On
POS customers are charged zero. The Merchant Service Charge is paid by the merchant exclusively. The CBN 2026 guide explicitly reinforces: “customers will not be charged for point-of-sale (POS) transactions.” If a POS merchant or agent is charging you ₦50, ₦100, or any amount to use your card at their terminal, they are passing on a charge they are legally required to absorb. You have the right to refuse, not pay, and report such merchants to CBN. Source: Daily Trust (May 2026 CBN directive summary).
| Transaction Type | Customer Charge | Merchant Charge | Cap | Stamp Duty? | Status | Notes |
|---|---|---|---|---|---|---|
| POS payment to merchant (card tap / insert) | FREE to customer | 0.5% of transaction | Max ₦10,000 per transaction | NO — POS payments exempt | ✅ Customer pays nothing | Merchant Service Charge (MSC) is capped at 0.5% / ₦10,000 under 2026 guide |
| POS cash withdrawal from agent (agency banking) | 0.5% of transaction (customer pays) | N/A — agent earns commission | ₦100 max per withdrawal transaction | NO — POS cash-out exempt | — Retained | Customer pays 0.5% up to ₦100 for cash-out at POS agent. This is distinct from merchant payment. |
| POS transfer (intra / inter-bank via agent terminal) | Standard transfer fee applies (₦10 or ₦50) | N/A | Standard transfer fee cap | YES if ≥₦10,000 | — Standard transfer rules | Transfer via POS terminal is still an electronic transfer and standard NIP fees + Stamp Duty apply |
| Merchant surcharging customer (passing on MSC) | ILLEGAL | Merchant absorbs fully | N/A | N/A | 🚫 Prohibited | Surcharging customers for card use is explicitly prohibited. Report violations to CBN: cpd@cbn.gov.ng |
| POS agent commission from Moniepoint: ₦20 per withdrawal, ₦5 per transfer (agent earnings are separate from what the customer pays). See Daily Reality NG’s full guide: Moniepoint POS Business — Profit, Risks, Charges. | ||||||
🏭 Section F: Account Maintenance Fees (CAMF)
Source: CBN Exposure Draft 2026 (CAMF phase-down provisions) | TheCable April 24, 2026
| Account Type | 2026 CAMF Rate | 2027 Rate | Applies To | Exemptions | CBN Reference |
|---|---|---|---|---|---|
| Current Account | ₦0.50 per ₦1,000 transacted (₦0.5 per mille) | ZERO — Eliminated | Customer-initiated debit transactions to third parties only (transfers, withdrawals to other accounts) | NOT applicable to: savings accounts; inter-own-account transfers; bank-initiated charges; interest payments | TheCable 2026 |
| Savings Account | ZERO — Never Applicable | ZERO | N/A — savings accounts have never been subject to CAMF | All savings account holders exempt permanently | CBN Guide 2020 (retained 2026) |
| Account Reactivation (dormant/inactive) | FREE | FREE | All account types | Reactivation is explicitly free under 2026 guide. Was already free under 2020 guide. | WithinNigeria 2026 |
| CAMF is accrued daily and charged at end of month. It applies to current accounts only. The ₦0.50 per mille rate in 2026 is a phased reduction — it will drop to zero in 2027, fully eliminating account maintenance charges for Nigerian bank customers. Savings account holders reading this: you have NEVER been legally subject to CAMF. If your savings account is being charged a monthly maintenance fee, raise it with your bank and escalate to CBN if needed. | |||||
📱 Section G: Transaction Alert Fees (SMS & Email)
Source: CBN Exposure Draft 2026, April 21, 2026 | TheCable confirmation
| Alert Type | Charge | Rule | Can Bank Profit? | Customer Right |
|---|---|---|---|---|
| Mandatory SMS alerts (customer-initiated transactions) | Cost-recovery basis only — varies by bank and telecom | Bank may charge but ONLY the actual telecom cost of sending the SMS. No markup permitted. No profit on SMS alerts. | NO — Cost recovery only | You can request an itemised breakdown of what your bank is charging for SMS alerts per month |
| Email transaction alerts | FREE — ₦0 | Email alerts must be provided free of charge. No exception. Banks cannot charge for email notifications under any circumstances. | NO — Prohibited | If your bank charges for email alerts, that charge is illegal. Request reversal and escalate to CBN. |
| Bank-initiated transaction alerts (interest, bank charges, adjustments) | FREE | Alerts on transactions the bank initiates (interest credit, fee deductions) must be free. Customer pays only for alerts on their own transactions. | NO | You have the right to know every transaction on your account. Bank-alert costs cannot be passed to customer. |
| Opting out of SMS alerts | Customer must provide written indemnity to bank | You can opt out of SMS alerts but must provide formal indemnity. Not recommended — alerts are your primary fraud detection. | N/A | Right to opt out exists but formal process required. Email alerts remain active regardless. |
| Source: TheCable — CBN 2026 guide SMS/email provisions; WithinNigeria explainer. | ||||
💰 Section H: Cash Withdrawal & Deposit Limits — CBN Cashless Policy 2026
Source: CBN Cashless Policy revised framework | CBN.gov.ng Reforms page
| Limit Type | Individual | Corporate / Business | Excess Charge | Who Receives Excess Fee | Deposit Limits |
|---|---|---|---|---|---|
| Weekly Cash Withdrawal Limit (all channels) | ₦500,000/week | ₦5,000,000/week | 3% (individual) / 5% (corporate) on amount above limit | Shared between CBN and the financial institution | ✅ NO LIMIT on cash deposits. All deposit limits REMOVED. Zero charges on deposits. |
| POS Agent Daily Cash-Out Limit (CBN April 2026) | ₦1,200,000 per agent per day (total across all customer transactions) | Agent terminal restricted when daily cap is reached | N/A | ||
| Customer Daily Cash-Out at POS Agent | ₦100,000/day & ₦500,000/week | Same as individual limit at agent | Transaction declined when limit reached | N/A | Deposits: No restriction |
| Third-party cheque over-the-counter cash withdrawal | Maximum ₦10,000,000 per day per CBN cashless policy | N/A | N/A | Deposits: No restriction | |
| ⚠️ Excess cash charges (3% / 5%) are shared between CBN and the bank. This is a government policy charge, not a bank profit fee. Source: CBN Reforms page (cashless policy); Daily Reality NG — CBN Cashless Policy 2026 Explained. | |||||
📄 Section I: Bank Statement & Account Service Fees
Source: CBN Guide to Charges 2020 (retained in 2026 Exposure Draft)
| Service | Charge | Notes | Status |
|---|---|---|---|
| Monthly statement (current & savings accounts) | FREE (mandatory) | Monthly statements are mandatory and free. Bank must provide electronically at minimum. | ✅ Free |
| Special statement request (non-standard format or timing) | Max ₦20 per page | A “special” statement is one requested outside the normal cycle or in a special format (court-ready, certified, etc.) | — Unchanged |
| Electronic statement via email | FREE | Email delivery of statements is free. Banks cannot charge for digital delivery. | ✅ Free |
| Physical statement by post | ₦500 + cost of postage | Includes courier or postal charges. Banks must use actual cost, no markup. | — Unchanged |
| Confirmation letter / reference letter | Negotiable — subject to CBN cap | Bank confirmation letters for visa applications, employment verification, etc. | 🔗 Negotiable |
| Account reactivation (dormant account) | FREE | Reactivating a dormant or inactive account is explicitly free under 2026 guide. | ✅ Free (confirmed 2026) |
| Cheque book issuance | ₦50 per leaf | Per cheque leaf within the book. A 25-leaf cheque book costs approximately ₦1,250. | — Unchanged |
| Stop payment on cheque | Negotiable | Fee for instructing bank to reject a specific cheque. No fixed CBN rate. | 🔗 Negotiable |
| Source: CBN Guide to Charges 2020 (statement provisions retained in 2026 Exposure Draft). | |||
🏭 Section J: Loan Charges, Interest, and APR Disclosure Rules (2026)
Source: CBN Exposure Draft 2026, April 21, 2026 | APR mandate provisions
| Charge / Provision | CBN Rule | Direction of Change | What It Means for Borrowers |
|---|---|---|---|
| Annual Percentage Rate (APR) Disclosure | MANDATORY — All loan products must disclose full APR including all fees before disbursement | 🚨 New Requirement 2026 | You can now legally demand to see the total annual cost of any loan before accepting. No more hidden origination or processing fees buried in the small print. |
| Lending Rate to Customers | Negotiable. Minimum of 30% of MPR (Monetary Policy Rate) per annum as floor for deposit rates. Lending rates negotiable but must be disclosed. | 🔗 Negotiable but disclosed | MPR is currently 27.5% (CBN MPC rate as of early 2026). 30% of MPR = ~8.25% minimum on deposit rates. |
| Loan Processing / Origination Fee | Must be included in APR calculation. Cannot be charged separately without disclosure. | 🚨 Now Captured in APR | Previously buried. Now must be part of total cost disclosed upfront. If a lender adds a processing fee after quoting APR, that is a violation. |
| Penal Charges on Overdraft | Negotiable. Subject to CBN guidelines and disclosure requirements. | 🔗 Negotiable | Penalty rates must be disclosed at account opening. Banks cannot introduce new penalty charges without prior CBN approval and customer notification. |
| Non-credit charges when account balance is insufficient | PROHIBITED to charge beyond available balance. Must be DEFERRED (not waived) until account is funded. | ✅ Consumer protection provision | Banks cannot send your account into negative balance purely from fee deductions. Fees are queued and deducted when funds are available. |
| Source: Legit.ng — CBN Exposure Draft April 2026 APR requirements; BusinessDay April 2026 coverage. | |||
🌎 Section K: International & Foreign Currency Transaction Fees
Source: CBN Guide to Charges 2020 (retained 2026) | CBN exchange rate circular
| Transaction Type | Charge | Notes | Status |
|---|---|---|---|
| International ATM withdrawal | Cost of international acquirer (passed through at exact cost) | Your bank cannot mark up international ATM charges. They pass through the exact acquirer cost. | — Unchanged |
| Merchant POS (international / travel / entertainment) | 0.5% of transaction — max ₦1,000 | Applies to international card spending at general merchants including travel and entertainment | — Unchanged |
| Foreign currency card annual maintenance | $10/year | Only foreign-currency-denominated cards carry this annual fee. Naira card maintenance has been scrapped. | — Unchanged |
| SWIFT international transfer | Negotiable — subject to SWIFT network costs | Banks charge for international wire transfers. Fees vary by bank and destination. Must be disclosed before sending. | 🔗 Negotiable |
| Diaspora remittance (inbound) | ₦0 to recipient | The recipient in Nigeria does not pay fees. Stamp Duty of ₦50 applies to the recipient if the naira equivalent received is ≥₦10,000. Sender abroad pays the sending platform’s fee. | — Stamp Duty applies |
| For the best rates on inbound remittances to Nigeria, see Daily Reality NG: Wise vs LemFi vs Sendwave Nigeria — Best Rate Comparison. | |||
📋 Section L: Miscellaneous Charges
Source: CBN Guide to Charges 2020 (most retained in 2026 Exposure Draft)
| Service | CBN-Approved Charge | VAT | Notes | Status |
|---|---|---|---|---|
| New product / service not in CBN guide | Requires prior written CBN approval before bank can charge customers. Banks cannot create new charges on their own. | 🚨 Reinforced 2026 | ||
| Bills payment (utility, DSTV, etc.) via electronic channel | Max ₦500 per transaction (0.75% of value up to ₦1,200 under previous guide; 2026 confirms max ₦500) | 7.5% | Applies to bill payments through bank channels. Flat max ₦500. | — Confirmed 2026 |
| Inter-scheme charges (Verve/Visa/Mastercard switching) | Negotiable | 7.5% | Network fees charged when your Verve card is processed on a Mastercard or Visa terminal | 🔗 Negotiable |
| Cash deposit (any amount) | FREE — No charge | N/A | All limits on cash deposits removed. Zero charges on deposits. Prior ₦50/₦10,000 deposit charge is completely eliminated. | ✅ Deposit always free |
| Safe keeping / custody fees | Negotiable | 7.5% | Fees for safe deposit boxes or valuables custody | 🔗 Negotiable |
| Reference letter / employer confirmation | Negotiable | 7.5% | Letters confirming account ownership, employment verification | 🔗 Negotiable |
| All “negotiable” charges must still be disclosed at account opening. Banks cannot charge for services not listed in the CBN guide or not approved in writing by CBN. Source: CBN Guide to Charges 2020; Daily Trust May 2026 directive summary. | ||||
📋 Section M: Complete Master Fee Table — Every CBN-Regulated Charge in One View
All fees from all sections consolidated. Use this as a quick reference. Updated: June 2026.
| Fee Category | Specific Charge | Amount | Who Pays | CBN Circular | Eff. Date | Status |
|---|---|---|---|---|---|---|
| Transfer Fee | Transfer ≤₦5,000 | FREE | N/A | Guide 2020 / 2026 Draft | Jan 2020 | ✅ Free |
| Transfer Fee | Transfer ₦5,001–₦50,000 | ₦10 | Sender | Guide 2020 / 2026 Draft | Jan 2020 | — Unchanged |
| Transfer Fee | Transfer >₦50,000 | ₦50 | Sender | Guide 2020 / 2026 Draft | Jan 2020 | — Unchanged |
| Stamp Duty / EMTL | All transfers ≥₦10,000 | ₦50 flat | Sender (NEW from Jan 2026) | NTA 2025 / FIRS | Jan 1, 2026 | 🚨 Sender change |
| ATM | Withdrawal from own bank ATM | FREE | N/A | CBN ATM Circular Feb 10, 2025 | Mar 1, 2025 | ✅ Free |
| ATM | Not-on-Us, on-site ATM | ₦100 per ₦20,000 | Customer | CBN ATM Circular Feb 10, 2025 | Mar 1, 2025 | 🚨 Updated |
| ATM | Not-on-Us, off-site ATM | ₦100 + up to ₦500 | Customer | CBN ATM Circular Feb 10, 2025 | Mar 1, 2025 | 🚨 Surcharge added |
| Card | Standard card issuance / replacement | ₦1,500 | Customer | Exposure Draft Apr 21, 2026 | May 1, 2026 | 🚨 Increased |
| Card | Monthly card maintenance (naira) | SCRAPPED ₦0 | N/A | Exposure Draft Apr 21, 2026 | May 1, 2026 | Eliminated |
| Card | Virtual card issuance | FREE | N/A | Exposure Draft Apr 21, 2026 | May 1, 2026 | ✅ Free |
| POS | Customer card payment to merchant | FREE to customer | Merchant pays MSC | Guide 2020 / 2026 Draft | Jan 2020 | ✅ Customer free |
| POS | Merchant Service Charge (MSC) | 0.5% max ₦10,000 | Merchant | Exposure Draft Apr 21, 2026 | May 1, 2026 | 🚨 Cap updated |
| Account Maintenance | CAMF (current accounts only) | ₦0.50 per ₦1,000 (2026) → ₦0 (2027) | Current account holder | Exposure Draft Apr 21, 2026 | May 1, 2026 | ⇩ Phasing to zero |
| SMS Alerts | Mandatory SMS (customer-initiated) | Cost recovery only | Customer | Exposure Draft Apr 21, 2026 | May 1, 2026 | — Cost recovery only |
| Email Alerts | All email transaction alerts | FREE | N/A | Exposure Draft Apr 21, 2026 | May 1, 2026 | ✅ Free |
| Cash Deposit | All deposit amounts | FREE — No limits | N/A | CBN Cashless Policy Revision | 2025 | ✅ Free (limits removed) |
| Account Reactivation | Dormant account reactivation | FREE | N/A | Exposure Draft Apr 21, 2026 | May 1, 2026 | ✅ Free |
| Statement | Monthly statement (all accounts) | FREE | N/A | Guide 2020 / 2026 Draft | Jan 2020 | ✅ Free |
| Token | Hardware security token | Max ₦2,500 (cost recovery) | Customer | Guide 2020 / 2026 Draft | Jan 2020 | ⇩ Reduced max |
| Bills Payment | Utility / subscription via electronic channel | Max ₦500 | Customer | Guide 2020 / 2026 Draft | Jan 2020 | — Unchanged |
| This master table reflects verified charges from CBN’s April 21, 2026 Exposure Draft, February 10, 2025 ATM circular, January 2020 Guide, FIRS NTA 2025, and CBN Cashless Policy revisions. All amounts are exclusive of 7.5% VAT unless stated otherwise. VAT applies to most bank charges except government levies (Stamp Duty). | ||||||
📌 Section N: CBN Circular Reference Registry
Every primary regulatory document that governs Nigerian bank charges. These are the documents to cite when disputing illegal charges.
| Document Name | Date Issued | Effective Date | Signed By | Key Provisions | Official Link / Reference |
|---|---|---|---|---|---|
| Exposure Draft — Guide to Charges by Banks and Other Financial Institutions, Nigeria 2026 | April 21, 2026 | May 1, 2026 | Dr. Rita I. Sike, Director, Financial Policy & Regulation | Card fee ₦1,500; card maintenance scrapped; MSC capped ₦10,000; CAMF phase-down; APR mandatory; account reactivation free; email alerts free; no charges beyond available balance | BusinessDay April 25, 2026 |
| Review of Automated Teller Machine Transaction Fees | February 10, 2025 | March 1, 2025 | CBN Financial Policy & Regulation | On-us ATM free; not-on-us on-site ₦100/₦20,000; off-site ₦100+₦500 surcharge; ₦60,000 daily not-on-us cap; disclosure required before off-site charge | CBN FAQ PDF (Official) |
| Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions 2020 | January 1, 2020 | January 1, 2020 | CBN (Director, Financial Policy) | Transfer fee structure (₦10/₦50); CAMF rules; card fees (now superseded); POS MSC merchant-only; statement rules; SMS cost-recovery | CBN Official PDF |
| Nigeria Tax Act 2025 — Stamp Duty Provisions (formerly EMTL) | Late 2025 (enacted) | January 1, 2026 | FIRS (Federal Inland Revenue Service) | EMTL renamed Stamp Duty; sender now pays ₦50 (was recipient); ₦10,000 threshold unchanged; flat ₦50 regardless of amount; own-account transfers exempt | TheCable — NTA 2025 implementation |
| CBN Mandatory Failed Transaction Reporting Directive | April 21, 2026 | May 2026 (monthly) | Dr. Rita I. Sike, CBN | Banks must submit monthly reports on all failed ATM, POS, mobile, web, and other channel transactions. CCO and Head of IT must jointly sign reports. | Punch NG April 2026 |
| CBN Mandatory Dual POS Connectivity Circular | December 11, 2025 | January 2026 | CBN | All POS acquirers must maintain NIBSS + UPSL dual connections with automatic failover. Periodic testing mandatory. | Mondaq Nigeria Fintech Review |
| CBN ATM Refund Standards Directive | October 2025 | Phased (full 2028) | CBN Consumer Protection | On-us ATM failure: 24-hour refund. Not-on-us: 48-hour refund. No charges on failed transactions. ATMs must display fees upfront. | Blueprint NG October 2025 |
| This registry is maintained and updated as new CBN circulars are issued. Submit new circular notifications via Daily Reality NG Contact page. | |||||
🚫 Section O: Charges Banks CANNOT Legally Impose
If you see these on your statement: they are illegal. You have the right to dispute them.
| Illegal Charge | Why It’s Illegal | What to Do | CBN Source |
|---|---|---|---|
| Monthly maintenance fee on naira debit/credit card | Eliminated by CBN Exposure Draft effective May 1, 2026. Previously ₦50/month + VAT. | Request reversal from bank citing CBN 2026 guide. Escalate to cpd@cbn.gov.ng if refused. | Exposure Draft April 21, 2026 |
| Charging customer for POS card payment (surcharging) | Merchant Service Charge must be borne by merchant only. Customer pays zero. | Refuse to pay. Report merchant and their bank to CBN at cpd@cbn.gov.ng. | CBN Guide 2020 / 2026 Exposure Draft |
| Charging for email transaction alerts | Email alerts must be provided free of charge. No exception under 2026 guide. | Contact bank, demand reversal. Cite CBN 2026 Exposure Draft provisions on transaction alerts. | CBN Exposure Draft April 21, 2026 |
| Account reactivation fee | Explicitly free under CBN 2026 guide. Dormant account reactivation cannot be charged. | Demand waiver before proceeding. Escalate to CBN if bank insists on charging. | CBN Exposure Draft April 21, 2026 |
| Charging fees that push account balance below zero | CBN requires non-credit charges to be deferred until account has sufficient funds. | Request reversal of any debit that created a negative balance from fee deduction alone. | CBN Exposure Draft April 21, 2026 |
| SMS alert fee exceeding actual telecom cost | SMS alerts charged on cost-recovery only. Bank cannot profit from alert fees. | Request itemised breakdown. If fee exceeds actual telecom cost, dispute and report. | CBN Exposure Draft April 21, 2026 |
| New fee not in CBN guide without prior CBN written approval | Banks cannot create new fees without CBN prior written approval. | Ask your bank to provide the CBN approval reference for any unrecognised fee. Report to CBN if none exists. | CBN Guide 2020 / 2026 Exposure Draft |
| Charge on failed transaction | CBN directs that banks cannot charge for transactions that failed due to system errors. | Screenshot the failed transaction and charge. Report immediately to your bank with escalation to CBN if not refunded. | CBN April 21, 2026 Exposure Draft |
| If you find a charge not on this illegal list but also not in Sections A–L of this database, it may still be illegal. Email Daily Reality NG at our Contact page and we will research it. Also see our complete guide: Hidden Bank Charges Nigeria Explained. | |||
💬 Section P: How to Dispute an Illegal Bank Charge — Step by Step
Use these exact steps and cite the exact CBN circular reference when disputing. That specificity is what forces banks to act.
① Screenshot immediately
Screenshot the charge on your statement or transaction history showing date, amount, and description. Note any reference number visible.
② Identify the CBN rule violated
Use Sections O and N of this database to find the specific CBN circular that prohibits the charge. Note the exact circular name and date.
③ Contact bank with citation
Contact bank customer care (Twitter/X DM fastest) stating: “This charge [AMOUNT] on [DATE] violates CBN [CIRCULAR NAME]. I am requesting immediate reversal and a complaint reference number.”
④ Demand reference number
Do not end the conversation without a complaint reference number. This is your legal record for any escalation. Insist until you receive it.
⑤ Escalate to CBN if unresolved (14 days)
Email cpd@cbn.gov.ng with: your bank’s complaint reference number, amount, date, screenshot, and your statement that the charge violates the specific CBN circular named.
⑥ FCCPC for consumer rights violations
For systemic or repeat violations (same illegal charge across multiple customers), report to FCCPC at fccpc.gov.ng/complaint. FCCPC recovered ₦10B for consumers in 2025.
📲 Section Q: USSD Transfer Codes by Bank — No Internet Required
Transfer fees still apply via USSD. Stamp Duty applies to USSD transfers of ₦10,000+. These are the official codes.
| Bank | Main USSD Code | Transfer Format | Balance Check | Airtime Self | Card Block | Verified Source |
|---|---|---|---|---|---|---|
| GTBank | *737# | *737*1*Amount*AccountNo# | *737*0# | *737*2*Amount# | *737# → Security | GTBank Official |
| Zenith Bank | *966# | *966*Amount*AccountNo# | *966*0# | *966*Amount# | *966*911# | Zenith Official |
| Access Bank | *901# | *901*Amount*AccountNo# | *901*5# | *901*Amount# | *901# → Security | Access Bank Official |
| First Bank | *894# | *894*Amount*AccountNo# | *894*00# | *894*Amount# | *894# → Security | First Bank Official |
| UBA | *919# | *919*3*AccountNo*Amount# | *919*00# | *919*5*Amount# | *919# → Freeze | UBA Official |
| FCMB | *329# | *329*Amount*AccountNo# | *329*0# | *329*Amount# | *329# → Security | FCMB Official |
| Fidelity Bank | *770# | *770*Amount*AccountNo# | *770*0# | *770*Amount# | *770# → Security | Fidelity Official |
| Union Bank | *826# | *826*Amount*AccountNo# | *826*0# | *826*Amount# | *826# → Security | Union Bank Official |
| Stanbic IBTC | *909# | *909*1*Amount*AccountNo# | *909*00# | *909*2*Amount# | *909# → Block Card | Stanbic IBTC Official |
| Wema Bank | *945# | *945*Amount*AccountNo# | *945*0# | *945*Amount# | *945# → Security | Wema Official |
| Sterling Bank | *822# | *822*Amount*AccountNo# | *822*0# | *822*Amount# | *822# → Security | Sterling Official |
| USSD transfers are electronic transfers — all transfer fees and Stamp Duty rules apply. Always dial from your registered phone number. Never share your USSD PIN. Screenshot this table and save offline. | ||||||
❓ FAQ — 15 Questions About Nigerian Bank Fees Answered
How much does a bank transfer cost in Nigeria 2026?
Electronic transfer fees: free for ₦5,000 and below; ₦10 for ₦5,001–₦50,000; ₦50 above ₦50,000. Plus ₦50 Stamp Duty on transfers ≥₦10,000 (paid by sender from January 1, 2026). Plus 7.5% VAT on the transfer fee. A ₦50,000 transfer costs you ₦50,000 + ₦10 + ₦0.75 VAT + ₦50 Stamp Duty = ₦50,060.75 total.
What is the ATM withdrawal charge in Nigeria 2026?
Own-bank ATM (on-us): FREE. Another bank’s ATM inside or near a branch (on-site): ₦100 per ₦20,000 withdrawn. Another bank’s ATM at malls, petrol stations, public areas (off-site): ₦100 per ₦20,000 PLUS up to ₦500 surcharge. Effective March 1, 2025 per CBN circular dated February 10, 2025.
What is the ATM card fee in Nigeria 2026?
Standard naira debit/credit card issuance or replacement: ₦1,500 (increased from ₦1,000). Effective May 1, 2026. Virtual cards: FREE. Premium cards: negotiable. Monthly naira card maintenance fee: SCRAPPED (was ₦50/month). FCY cards: $10/year (unchanged). Source: CBN Exposure Draft April 21, 2026.
What is EMTL / Stamp Duty in Nigeria?
The ₦50 government levy on electronic transfers of ₦10,000+. From January 1, 2026 (NTA 2025), it’s called Stamp Duty and the SENDER now pays it. Previously it was deducted from the RECIPIENT. It goes to FIRS (federal government) — your bank keeps nothing. Transfers under ₦10,000 are exempt. Own-account transfers (same BVN) are exempt.
Do customers pay POS charges in Nigeria?
NO. Customers pay ZERO for POS card payments to merchants. The Merchant Service Charge (0.5%, capped at ₦10,000 under CBN 2026 guide) is paid by the merchant exclusively. If any merchant or POS agent charges you for using your card at their terminal, they are violating CBN rules. Report to your bank and CBN at cpd@cbn.gov.ng.
What is CAMF and who pays it?
CAMF (Current Account Maintenance Fee) applies ONLY to current accounts. Not savings accounts. In 2026 it is capped at ₦0.50 per ₦1,000 of customer-initiated debit transactions to third parties. It will be reduced to ZERO in 2027. Savings account holders have NEVER legally been subject to CAMF. If your savings account is being charged a monthly maintenance fee, dispute it immediately.
Are SMS alert charges legal in Nigeria?
Banks may charge for mandatory SMS alerts on customer-initiated transactions but ONLY at cost-recovery basis (actual telecom cost, no profit). Email alerts must be completely FREE. Bank-initiated alerts (interest credits, fee deductions) must be free. If your bank charges more than the actual SMS cost, or charges for email alerts at all, those charges violate CBN 2026 guidelines.
What are the cash withdrawal limits in Nigeria 2026?
Individuals: ₦500,000 per week across all channels. Corporates: ₦5,000,000 per week. Excess above limits: 3% (individual) or 5% (corporate) charge shared between CBN and bank. There are NO deposit limits — all deposit limits and deposit charges have been completely eliminated. POS agent daily cash-out cap: ₦1,200,000 total per agent per day (CBN April 2026).
Can I be charged to reactivate a dormant account?
No. Account reactivation is explicitly free under CBN 2026 guidelines. Banks cannot charge to reactivate a dormant or inactive account. If your bank demands payment for account reactivation, cite the CBN Exposure Draft April 21, 2026, and escalate to CBN at cpd@cbn.gov.ng if the bank refuses to proceed for free.
What charges are completely illegal under CBN 2026 rules?
Illegal charges include: monthly naira card maintenance fee (scrapped); POS surcharge to customers; email alert charges; account reactivation fees; charges that push account below zero without deferment; SMS alert fees above actual telecom cost; any new fee not in CBN guide without prior CBN written approval; charges on failed transactions. All of these are grounds for immediate refund demand and CBN escalation.
How do I dispute an illegal bank charge in Nigeria?
(1) Screenshot the charge with date, amount, description. (2) Find the specific CBN circular that prohibits it (use Section N of this database). (3) Contact bank customer care citing the circular by name and date, demand reversal and a complaint reference number. (4) If unresolved within 14 days, email cpd@cbn.gov.ng with all documentation. (5) For systemic violations, report to FCCPC at fccpc.gov.ng/complaint.
What is the difference between bank charges and government levies?
Bank charges (transfer fee, card fee, CAMF, SMS fee) go to the bank and are regulated by CBN. Government levies (Stamp Duty/EMTL: ₦50; VAT: 7.5%) go to FIRS/federal government — banks only collect them on FIRS’s behalf. The bank keeps none of the ₦50 Stamp Duty. This is why your statement may show multiple deductions on a single transfer: the transfer fee, VAT on the fee, and Stamp Duty are three legally distinct charges going to different entities.
What is APR and why is it now mandatory for Nigerian bank loans?
APR (Annual Percentage Rate) is the true annual cost of a loan including all fees, charges, and interest expressed as a single percentage. The CBN 2026 Exposure Draft mandates that all loan products disclose APR before disbursement. This eliminates the practice of quoting a low interest rate while hiding origination fees, processing fees, and other charges that make the real cost much higher. Under APR disclosure, you can now legally demand the total annual cost of any loan before accepting it.
Are USSD transfers subject to Stamp Duty?
Yes. The channel does not determine Stamp Duty — the transaction value does. USSD transfers are electronic transfers. A USSD transfer of ₦10,000+ is subject to ₦50 Stamp Duty paid by the sender, exactly like app or internet banking transfers. The only exemptions are: transfers under ₦10,000, and transfers between your own accounts with matching BVN/NIN at the same institution.
What happens to bank fees in 2027 in Nigeria?
Under the CBN 2026 Exposure Draft, the Current Account Maintenance Fee (CAMF) is scheduled to reduce to ZERO by 2027. This means current account holders will pay no maintenance fee from 2027. Virtual cards will remain free. The transfer fee structure (₦10/₦50) has not been scheduled for change. The Stamp Duty/EMTL and VAT are government-mandated, not bank-controlled, so they require legislative change to remove.
📎 Related Daily Reality NG Financial Coverage
I built this database because I am tired of watching Nigerians get overcharged by banks that are counting on their customers not knowing the rules. Every CBN circular is a public document. Every fee limit is published. The gap between what banks are allowed to charge and what they actually charge is closed by Nigerians who know their rights — and citing the specific circular is the single most effective tool for forcing banks to reverse illegal charges. This page was built to give every Nigerian that tool.
📧 Get Notified When CBN Issues New Fee Circulars
Daily Reality NG updates this database every time CBN issues a new circular. Subscribe to be notified immediately — so you know your rights before your bank charges you under new rules.
Subscribe to Daily Reality NG Newsletter →Disclosure: This database is based on publicly available CBN circulars, FIRS regulations, and verified journalism. It is for informational purposes only and does not constitute legal or financial advice. Bank charges are subject to change when CBN issues new circulars. Always verify with your specific bank and the CBN website before taking action. Daily Reality NG has no commercial relationship with any bank or fintech platform mentioned in this database.
© 2025–2026 Daily Reality NG | CBN Fees Database | Last Updated: June 2, 2026 | Updated monthly as new circulars are issued
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