10 Bank Charges Every Nigerian Should Know As Reps Move To Protect Customers

• Lawmakers have launched a probe into “arbitrary and excessive” deductions from customers’ accounts by Nigerian commercial banks
• The CBN has been asked to publish a clear list of approved bank charges and sanction erring banks
• A breakdown of the 10 most common approved bank charges on savings and current accounts has been provided

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The House of Representatives has initiated plans to investigate charges of commercial banks on customers' accounts and plans to summon the CBN and major commercial banks to appear before the committee on banking regulations.

The move followed the adoption of a motion of urgent public importance sponsored by Tolani Shagaya, a lawmaker from Kwara State on Tuesday, October 14.

The motion, titled “Need to Curb Arbitrary Bank Charges and Protect Nigerian Customers,” stated that the deductions from customers' accounts by banks operating in Nigeria are arbitrary, excessive, and unexplained.

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The sponsor of the bill Shagaya, expressed concern that the persistence of such practices could erode public trust in the banking system and discourage savings.

He said:

“These incessant charges have become not only a source of frustration but also a barrier to financial inclusion.

“When people lose trust in the banking system, it undermines the government’s drive to build a strong, digital, and cashless economy.”

Lawmakers not happy with bank charges

Offiono had listed some of the questionable deductions, including excessive SMS alert fees, card maintenance charges, account maintenance fees, and interbank transfer costs.

Following deliberations on Tuesday, the House urged the CBN to immediately publish a simplified list of all approved bank charges to promote transparency and consumer awareness.

It also called on the apex bank to enforce stricter compliance measures and impose sanctions on erring banks.

List of bank charges

Here is a breakdown of approved bank charges for savings, deposit accounts in Nigeria.

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Electronic Money Transfer Levy

N50 is charged on electronic transfer of money deposited in any bank or financial institution, on any account, on sum of N10,000.00 or more.

ATM Withdrawal (Other Banks’ ATM)

• On-Us (your bank's ATM) withdrawals are free. Not-On-Us (other bank's ATM) are N100 per N20,000, with a surcharge up to N500 for off-site ATMs.

Card Maintenance Fee (Naira Debit/Credit Cards)

N50 quarterly for naira cards linked to savings accounts

$10 annually for foreign currency cards

Account maintenance fee

• The fee is calculated as N1 for every N1,000 of a debit transaction, such as withdrawals or transfers.

SMS fee

Banks deduct N4 for SMS transaction alert

Debit/Credit Card Issuance or Renewal

• N1,000 per card for issuance, replacement, or renewal

Cashless Policy (Individuals)

2% charge on cash deposits above N500,000

3% charge on cash withdrawals above N500,000

Cashless Policy (Corporate Accounts)

• 3% on deposits above N3 million
• 5% on withdrawals above N3 million

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The cash withdrawal deposit processing fee has been suspended until Dec 31, 2025.

PoS charges

N100 for cash withdrawal, deposit, N50 for transfer

Bill Payment via e-Channels

Maximum of N500 or 0.75% of the transaction value (whichever is lower, up to N1,200)

UBA charges N20 for a bill payment via USSD and N100 for a DSTV subscription

Customers deposit in banks

Earlier, Legit.ng reported that as of December 2024, total customer deposits in 10 commercial banks listed on the Nigerian exchange had increased to N140.97 trillion.

The latest figure represents a 51% increase in customer deposits compared to the N93.5 trillion generated in 2023.

The figures are captured in the third quarter report of the financial institutions submitted to the Nigerian Exchange (NGX).

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng