FG to Debit N75 From Nigerian Bank Accounts From 2026
- From next year, Nigerian government will deduct N75 on transactions of N10,000 sent
- Fintech platforms including Nigerian banks will soon begin to implement the charges
- The changes are coming from the adjustments made on the new tax law set for implementation from January 2026
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.
A new fee structure for transfers is scheduled to take effect in 2026, as the Nigerian government has changed who bears the cost of electronic transfers.
Source: Getty Images
How it will work?
Under the Nigeria Tax Act 2025, the Electronic Money Transfer Levy (EMTL) has been renamed stamp duty and now applies to various digital transactions, including tax stamps, electronic receipts, certificates, and tagging. This brings back stamp duties five years after EMTL replaced them.
EMTL history: Introduced in 2020, it charged a flat N50 on electronic transfers of N10,000 or more, paid by the receiver.
TechCabal reports from 2026, sending N10,000 or more will cost between N75 and N100 per transfer, depending on the amount. While the money received stays whole, the sender pays more in transfer fees.
Impact:
- Receivers get full payment with no deduction.
- Senders pay more, increasing the cost of sending money.
- For businesses, this means they no longer have to deduct an additional N50 from payments received.
- For PoS agents, who typically include all fees in withdrawal charges, the extra N50 on transfers above N10,000 is removed.
- As a result, the cost of sending money now falls entirely on the sender, rather than being shared between sender and receiver.
Source: UGC
Breakdown of Bank Charges for Savings and Deposit Accounts in Nigeria
ATM Withdrawals
- On-Us (own bank’s ATM): Free of charge
- Not-On-Us (other banks’ ATM): N100 per N20,000, with surcharges up to N500 for off-site ATMs
Card Maintenance Fees
- Naira Debit/Credit Cards: ₦50 quarterly for cards linked to savings accounts
- Foreign Currency Cards: $10 annually
Account Maintenance Fee Charged at N1 for every N1,000 of debit transactions, including withdrawals or transfers
SMS alerts
Banks charge N4 per SMS transaction notification
Debit/Credit card issuance or renewal
N1,000 per card for issuance, replacement, or renewal
Cashless Policy – Individuals
- Deposits above N500,000: 2% fee
- Withdrawals above N500,000: 3% fee
Cashless Policy – Corporate Accounts
- Deposits above N3,000,000: 3% fee
- Withdrawals above N3,000,000: 5% fee
Note: Cash deposit/withdrawal processing fees are suspended until December 31, 2025
Point of Sale (PoS) Charges
- Cash withdrawal or deposit: N100
- Transfers: N50
Bill Payments via Electronic Channels
- Maximum of N500 or 0.75% of the transaction value, whichever is lower, capped at N1,200
- UBA specific: N20 for USSD bill payment; N100 for DSTV subscription
NIBSS reduces electronic transfer fees from N5 to N3.75k
Earlier reports by Legit.ng indicated that the Nigerian Inter-Bank Settlement System (NIBSS) has lowered its transaction processing fee for NIBSS Instant Payment from N5 to N3.75.
In a letter dated May 31, 2023, addressed to payment solution providers, NIBSS explained that the fee reduction is intended to promote financial inclusion and encourage innovation across the country.
The letter, signed by NIBSS Executive Officer Premier Oiwoh and Executive Director of Business Development Ngover Ihyember-Nwankwo, confirmed that the management of NIBSS approved the further decrease in fees for NIBSS Instant Payment.
Source: Legit.ng
