Why bank transfers above ₦10,000 will cost ₦60 under CBN’s new guide

The Central Bank of Nigeria (CBN) says it wants to eliminate fees on transactions below ₦5,000 ($3.68) and reduce charges on mid-tier payments to drop the cost of cashless payments.

Under a draft guide to charges by banks and other financial institutions dated April 21, 2026, inter-bank transfers between ₦5,000 ($3.68) and ₦50,000 ($36.81) will now cost ₦10 ($0.007).

Fees for transfers above ₦50,000 ($36.81) remain capped at ₦50 ($0.037).

The changes mark one of the most significant pricing shifts in Nigeria’s payments space in six years, effectively lowering the cost of sending money for millions of users who rely on small, frequent transactions.

What customers already pay across different transfer tiers.

In 2024, e-payments crossed the ₦1 quadrillion ($736.14 billion) mark. According to Moniepoint’s 2025 Informal Economy Report, only one in four informal businesses reported that digital payments accounted for at least 10% of their total revenue in 2025.

Today, bank customers already pay transfer fees:

Who pays the hidden transfer fees? Toggle to see the change.

The burden has fully shifted. Senders now absorb the bank transfer fee AND the government’s Stamp Duty, making mid-to-high value transactions noticeably more expensive to initiate.

Although the new pricing regime seeks to reduce the overall cost of transactions, transfers above ₦10,000 ($7.36) will still be priced at least ₦60 ($0.044).

Five years after replacing stamp duty with the Electronic Money Transfer Levy (EMTL), Nigeria reintroduced stamp duties in 2026. Introduced in 2020, EMTL imposed a flat, one-off ₦50 charge on electronic transfers of ₦10,000 ($7.36) and above, paid by the receiver.

From 2026, the ₦50 ($0.037) levy is no longer deducted from the receiver but from the sender, increasing transfer costs.

How total sender costs changed from 2025 to 2026. Hover over any bar to see why.

Hover or tap on the grey (2025) or colored (2026) bars to see exactly how the rules shifted and who is paying for it.

The new guide also introduces a more structured fee regime for Point of Sale (PoS) withdrawals.

On-us withdrawals, using your bank or fintech’s own agent to get cash, will now cost ₦100 ($0.074) per ₦20,000 ($14.72).

For not-on-us withdrawals, using another bank or fintech’s own agent to get cash, customers will pay ₦100 ($0.074) per ₦20,000 ($14.72), in addition to a fee determined by the agent.

This represents a shift from the current informal pricing structure, where PoS withdrawals can cost as much as ₦100 ($0.074) per ₦5,000 ($3.68).

PoS terminals are increasingly becoming the primary means of cash for many. In the first quarter of 2025, PoS terminals moved ₦116.79 billion ($85.97 million) per day.

See exactly what leaves your account.

At this tier, the ₦50 Stamp Duty (now paid by the sender) makes up the bulk of your transaction cost.

For banks and fintechs, the CBN’s new transfer fee policy could reshape revenue expectations. In the first nine months of 2025, eight of Nigeria’s largest banks earned ₦514.82 billion ($378.98 million) from electronic payments.

For the government, however, little changes. Stamp duty, like the EMTL before it, remains a small but growing source of revenue, with collections rising to ₦392.78 billion ($289.14 million) in the first 11 months of 2025.

For users, sending small amounts is now cheaper, or free, but transfers above ₦10,000 may feel more expensive once the levy is applied, even as PoS withdrawal fees become more predictable.

Exchange rate used: ₦1,358.44/$