Transfer fees in Nigeria by bank

Transfer fees in Nigeria by bank Photo
By Fathia Abimbola

In Nigeria, bank transfer charges are largely standardized under CBN guidelines. This means that whether you use GTBank, Access Bank, UBA, First Bank, or fintech apps, the core transfer fees are quite similar.

However, the total cost of a transfer in 2026 now includes:

  • Bank transfer fee
  • Stamp duty (₦50)
  • VAT (7.5% on service fees)
  • Cybersecurity levy (0.005%)

These combined charges determine what you actually pay per transaction.

New ₦50 Stamp Duty on Transfers

One of the biggest changes in 2026 is the ₦50 stamp duty charge:

  • Applies to transfers of ₦10,000 and above
  • Paid by the sender (not receiver anymore)
  • Charged per transaction

This means every qualifying transfer attracts an extra ₦50 on top of the bank fee.

VAT on Transfer Fees

Banks now charge 7.5% VAT on transfer fees, not on the transfer amount itself.

For example:

Related

Transfer fee = ₦25
VAT = ₦1.88

So your actual charge becomes slightly higher than the base fee.

Cybersecurity Levy

A small but important addition:

0.005% of transaction value
Example: ₦100,000 transfer = ₦5 levy

This fee supports Nigeria’s national cybersecurity infrastructure.

Total Cost Breakdown

Let’s break down a ₦50,000 transfer in 2026:

Bank transfer fee: ₦25
VAT (7.5%): ~₦2
Stamp duty: ₦50
Cybersecurity levy: ~₦2.5

Total cost: ~₦79 – ₦100 per transaction

This explains why many Nigerians now notice higher deductions when transferring money.

Differences Between Banks

Although pricing is regulated, slight differences may occur due to:

  • Digital banks offering discounts or free transfers
  • Promo offers or zero-fee campaigns
  • Premium account packages

However, traditional banks generally follow the same fee structure, especially for interbank transfers.

Intra-Bank vs Interbank Transfers

Intra-bank transfers (same bank): Often free or cheaper
Interbank transfers (different banks): Full charges apply

Also, transfers between your own accounts in the same bank are usually exempt from stamp duty.

Mobile Money & POS Transfer ChargesTransfer Charges

For mobile money and agent banking:

  • Charges may range from ₦10 to ₦100+
  • Some are percentage-based (up to 1.5%) depending on amount
  • POS transfers often include additional agent fees

Transfer fees in Nigeria have evolved beyond simple bank charges into a combination of regulated fees and government-imposed levies. While the system promotes transparency and supports national revenue and cybersecurity, it also increases the cost of everyday transactions.

For individuals and businesses, the best strategy is to:

  • Minimize frequent transfers
  • Use intra-bank transfers where possible
  • Explore fintech platforms with lower fees

Understanding these charges helps you manage your finances better and avoid unnecessary deductions.

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Fathia Abimbola

Fathia Abimbola is an analyst and a finance major with a BSc. in Banking and Finance from the Alex Ekwueme Federal University Ndufu-Alike, Ikwo in Ebonyi State.

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