Bank Charges and Fees in Nigeria: What Businesses Should Watch

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Is your bank silently draining your profits? In 2026, the CBN’s ‘Guide to Charges by Banks’ has been updated to reflect the new digital economy. While many fees have been capped, others—like the 0.5% Cybersecurity Levy—are new. A smart business owner must perform a monthly ‘Fee Audit’ to ensure they aren’t being overcharged. This is a vital part of protecting your cashflow.

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Statutory Limits in 2026

The CBN mandates that banks cannot exceed certain fee thresholds. If your statement shows a ‘Monthly Maintenance Fee’ on a current account, you should know that in 2026, this is zero unless you opted for a premium service package. Instead, banks charge a ‘Contract Handling Fee’ for specific loans. Understanding CFO-level banking rules helps you spot these errors.

2026 Standard Fee Table:

Electronic Transfers: ₦10 (under ₦5k), ₦25 (₦5k-₦50k), ₦50 (above ₦50k).
SMS Alerts: ₦4 (Hard cap). Many businesses are switching to free Email/Push alerts.
Hardware Token: ₦2,500 maximum (one-time fee).
Cybersecurity Levy: 0.5% (mandatory for most transfers).

The “Hidden” Documentation Fees

When applying for development finance, some banks add ‘Processing’ and ‘Legal’ fees that exceed the 1% cap. Always demand a ‘Total Cost of Credit’ disclosure before signing any loan document.

Step-by-Step: Conducting a Bank Fee Audit

Download CSV Statements: Don’t just look at the PDF; use Excel to filter by ‘Charge’ or ‘Fee.’
Check ‘Stamp Duty’ (EMTL): Ensure you aren’t being charged the ₦50 for transfers under ₦10,000.
Verify Salary Batch Fees: Corporate payroll batches should have a discounted flat rate.
File a Formal Complaint: If you find an error, the bank has 48 hours to refund it under 2026 ‘Consumer Protection’ rules.

Practical Example: The Logistics SME

‘Oredo Haulage’ noticed their bank was charging ₦100 for every transfer regardless of size. After auditing their 2026 statements, they discovered they had been overcharged ₦250,000 over three months. They filed a complaint citing the 2026 Guide to Bank Charges and received a full refund within 7 days.

External Resources

Download the full fee guide from the Central Bank of Nigeria. For consumer complaints, contact the FCCPC.

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