Why does my bank keep charging stamp duty and transfer fees, and what are the rules?

Question

Seeded question. The 9jah team wrote this question and its answer on 2 September 2026 to start the site. The answer was checked on that date, but prices and rules in Nigeria change, so add what you know or correct it below.

Small debits for stamp duty, SMS alerts and transfers add up every month. Which of these are legal?

9jah · Accepted Answer

The CBN's Guide to Charges sets what banks may take:

Electronic transfer fees by band: 10 naira for transfers up to 5,000, 26 naira up to 50,000, and about 52 naira above that, plus VAT.
Electronic Money Transfer Levy (the 50 naira stamp duty) on every electronic receipt of 10,000 naira and above; from late 2024 it also applies to fintech wallets.
SMS alert charges of about 4 naira per message; you can opt for email alerts instead.
Card maintenance and annual fees on some cards.
Charges above the cash withdrawal limits (500,000 naira a week for individuals).

If a charge is outside the guide, complain in writing to the bank; if there is no answer in two weeks, escalate to the CBN consumer protection department.

Checked by the 9jah team on 2 September 2026. Corrections welcome.

Why does my bank keep charging stamp duty and transfer fees, and what are the rules?

1 Answers