Complete guide to bank transfer fees, stamp duty, electronic levy, POS charges, and other transaction costs in Nigeria.
Automatic charge on bank transfers and electronic transactions.
Stamp Duty is a tax levied by the Federal Government on electronic transfers and receipts of ₦10,000 and above.
The charge is ₦50 flat per transaction, regardless of the amount transferred (as long as it's ₦10,000 or more).
This fee is automatically deducted by your bank when you make qualifying transfers.
Charges by banks for different types of transfers (in addition to stamp duty).
Transfers between accounts in the same bank (e.g., GTBank to GTBank, Access to Access).
Most Nigerian banks don't charge for intra-bank transfers via mobile/internet banking
Transfers between different banks (e.g., GTBank to First Bank, UBA to Zenith).
Fees vary by bank. Check with your specific bank for exact charges.
Nigeria Inter-Bank Settlement System (NIBSS) charges for instant inter-bank transfers.
Fees for cash withdrawals and POS transactions.
Merchants pay ~1.5% transaction fee, not you
Merchants typically charge ₦100-₦200 per withdrawal
The Central Bank of Nigeria allows 3 free ATM withdrawals per month (whether on your own bank's ATM or another bank's). From the 4th withdrawal onwards, charges apply.
Or ₦50-₦100 monthly subscription
Debit/ATM card annual fee
Commission on Turnover abolished by CBN
₦0-₦1,000 monthly depending on bank & account
50 leaves, varies by bank
Banks must reverse within 24-48hrs
Smart strategies to reduce transaction costs.
Avoid ₦50 stamp duty by keeping transfers under ₦10,000 when possible.
Mobile/internet transfers cost less than branch transactions.
Keep it to 3 per month to avoid charges. Plan withdrawals strategically.
Lower fees when using your own bank's ATM after the 3 free withdrawals.
Some banks offer accounts with no maintenance fees. Compare options.
Combine multiple small transfers into one larger transfer to save on stamp duty.