The Central Bank of Nigeria has introduced a new pricing regime for electronic transfers that effectively raises the minimum cost of sending money above N10,000 to N60, marking one of the most significant shifts in the country’s payments space in six years. Under a draft guide to charges by banks and other financial institutions dated April 21, 2026, inter‑bank transfers between N5,000 and N50,000 will now cost N10, while fees for transfers above N50,000 remain capped at N50. The change removes fees on transactions below N5,000 in a bid to incentivise the further adoption of electronic payment options by small businesses. The new guide also introduces a more structured fee regime for Point of Sale withdrawals: on‑us withdrawals will cost N100 per N20,000, while not‑on‑us withdrawals will attract an additional fee determined by the agent.
The higher effective cost on transfers above N10,000 stems from the reintroduction of stamp duties in 2026, which replaced the Electronic Money Transfer Levy that had imposed a flat, one‑off N50 charge on electronic transfers of N10,000 and above. Under the new arrangement, the levy is now deducted from the sender rather than the receiver, further increasing the burden on users initiating payments.
