How to Reduce Bank Charges in Nigeria (2026)

Nigerian bank charges are small individually — ₦50 here, an alert fee there — but across a year they quietly add up to real money. You can't avoid all of them, but you can cut the ones that are optional. Here's how.

Know what you're being charged for. Under the CBN Guide to Charges, every deduction on your account must be described on your alert. If you see a charge you don't understand, you're entitled to query it — and some are avoidable.

The charges to know

• Stamp duty / EMTL (₦50): a one-off ₦50 on electronic transfers of ₦10,000 and above. From 1 January 2026 the sender pays it (previously the receiver did). Note: salary payments and transfers between your own accounts in the same bank are exempt.
• Account maintenance fee (AMF): on current accounts, a small per-mille charge on withdrawals — the CBN has been reducing it, toward zero by 2027. Savings accounts generally don't carry an AMF.
• SMS/transaction alert fees: a small charge per alert on many accounts.
• Card maintenance & issuance: periodic debit-card fees and replacement costs.
• ATM/withdrawal fees: charges can apply for using another bank's ATM beyond the free monthly limit.

How to cut them

1. Batch your transfers. Because EMTL is ₦50 per transfer of ₦10,000+, sending one ₦60,000 transfer costs ₦50 — but six ₦10,000 transfers cost ₦300. Combine payments where you can.
2. Use exempt routes. Moving money between your own accounts at the same bank, and salary credits, don't attract the ₦50 — plan around that.
3. Keep savings in a savings account, not a current account. You avoid the AMF, and it's better for building a habit. Use a current account only if you genuinely need one.
4. Switch alerts to the free channel. Many banks offer free in-app/email notifications instead of paid SMS alerts — turn those on and you can drop the SMS fee.
5. Use your own bank's ATMs and your bank's app for transfers to avoid other-bank ATM fees.
6. Consider a low-fee neobank for day-to-day transfers — apps like Kuda, OPay and Moniepoint built their pitch on cheaper/free transfers (the ₦50 stamp duty still applies, but other fees are often lower). Compare accounts on our bank accounts page.
7. Read your alerts and query odd charges. Every charge must be described; dispute anything that looks wrong with your bank.

Turn the savings into something

Fees you stop paying are money you keep. Redirect it — build it into your budget, top up your emergency fund, or put it into a money market fund where it actually earns.

Frequently asked questions

Who pays the ₦50 stamp duty in 2026? From 1 January 2026, the sender pays the ₦50 EMTL/stamp duty on electronic transfers of ₦10,000 and above. Salary payments and transfers between your own accounts at the same bank are exempt.

How can I avoid the ₦50 transfer charge? You can't avoid it on normal transfers of ₦10,000+, but you can reduce how often you pay it — batch payments into fewer, larger transfers, and use exempt routes like same-bank self- transfers.

Do savings accounts have a maintenance fee? Generally no — the account maintenance fee applies to current accounts. Keeping your money in a savings account (and using a current account only when needed) avoids it.

Educational information, not financial advice. Bank charges are set by the CBN Guide to Charges and can change — confirm the current schedule with your bank.