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.

By removing fees on small transfers and compressing charges on mid-range transactions, the regulator hopes to incentivise the further adoption of electronic payment options by small businesses.

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.

How the policy affects transfers

Today, bank customers already pay transfer fees:

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.

PoS fees get structure

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.

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/$