Understanding Nigerian Bank Charges: What's Deducted and Why (2026)

"Why is my bank deducting money?" is one of the most-asked questions in Nigeria — and most of the charges are small, legal, and avoidable once you understand them. Here's what comes out of your account, and how to keep it to a minimum.

The charges you'll actually see

• Stamp duty (EMTL) — ₦50 on transfers of ₦10,000 and above. Under the 2026 Tax Act, this one-off levy applies to electronic transfers at or above ₦10,000. A key 2026 change: the sender now pays it (it was previously taken from the receiver). Exempt: salary payments and transfers between your own accounts at the same bank. (Some banks label this "stamp duty" rather than "EMTL" — same charge.)
• Account maintenance fee. Commonly ₦1 per ₦1,000 of debit transactions (withdrawals/transfers) — small per transaction, but it adds up with volume.
• SMS alert fee. A per-message charge for transaction alerts (you can often switch to free in-app/email alerts).
• Card maintenance / issuance fees. Periodic debit-card charges and the cost of a new/replacement card.
• ATM fees. Using another bank's ATM beyond the free monthly allowance attracts a fee; your own bank's ATMs are usually free.

(Rates and rules change — confirm the current figures with your bank and on cbn.gov.ng before treating any number as final.)

How to pay less

• Batch small transfers where sensible — the ₦50 stamp duty only bites at ₦10,000+, but many separate transfers each carry other charges.
• Use your own bank's ATMs to avoid other-bank withdrawal fees.
• Switch SMS alerts to app/email if your bank charges for SMS.
• Compare account types. A low-fee digital account can save real money if you transact a lot — see our bank accounts guide.
• Move idle cash to savings so it earns instead of just being debited — see savings & fixed deposits.

Know your rights

Banks must disclose charges and are regulated by the CBN. If you spot a deduction you can't explain, ask your bank for a breakdown — and escalate to the CBN's consumer-protection channel if it isn't resolved.

Frequently asked questions

Why was ₦50 taken when I sent money? That's the stamp duty (EMTL) on transfers of ₦10,000+ — since 2026, paid by the sender. Salary and own-account same-bank transfers are exempt.

What is the account maintenance fee? A small charge (commonly ₦1 per ₦1,000 of debits) for running a current account. Confirm your bank's current rate.

Can I avoid bank charges completely? Not entirely, but you can cut them a lot — use your own ATMs, free alert channels, and a low-fee account.

Educational information, not financial advice. Charges and tax rules change — verify current figures with your bank and cbn.gov.ng / the Nigeria Revenue Service.