Understanding new bank charges in Nigeria as of March 2026

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With the new bank charges in Nigeria officially in full swing in March 2026, it is more important for you to understand where your money is going.

The Central Bank of Nigeria (CBN) and the Federal Government have introduced different updates aimed at digitising the economy and increasing non-oil revenue.

Let’s examine everything you need to know about the current banking fees, withdrawal limits, and tax updates in simple terms.

Senders now pay the N50 stamp duty

The sender is the one who pays – this policy for Electronic Money Transfer Levy (EMTL), which has now been rebranded as Stamp Duty under the Nigeria Tax Act, is one of the most common changes this year.

In the past, if someone sent you N10,000 or N20,000, the bank would deduct N50 from your account (the receiver). The narrative has changed now, as of January 2026.

It’s the person sending the money who now bears the cost. This, however, only applies to transfers of N10,000 and above.

Still on the new bank charges in Nigeria 2026, it’s also worthy of note that transfers below N10,000, salary payments, and intra-bank transfers (sending money between two accounts you own in the same bank) are exempt from this charge.

According to reports from TechCabal, this change pretty much means that a N50,000 transfer that used to cost you only the bank’s transfer fees could now cost you up to N100 because you are taking on the stamp duty.

New cash withdrawal limits and fees

The CBN is pushing harder for a cashless policy in Nigeria. If you prefer carrying cash, there are strict boundaries that are to take effect from March 2026.

As an individual, you can withdraw up to N500,000 per week across all channels, such as ATM, Point Of Sale (POS), and Over-the-Counter.

For businesses, the limit is N5,000,000 per week.

What happens if you go over the limit? What’s the penalty?

You will be charged a fee, a “processing fee” on the extra amount.

Individuals: 3% on the excess amount.

Businesses: 5% on the excess.

Let’s take this example of the new bank charges in Nigeria 2026:

If you withdraw N600,000 in a week as an individual, you will pay 3% on the extra N100,000, which equates to a N3,000 charge.

These charges, however, are cumulative. This means that the bank tracks your total withdrawals across all your accounts.

The cybersecurity levy

After much debate in previous years, the Cybersecurity Levy is active in 2026, though at a much lower rate than people have feared.

Instead of the 0.5% that was initially proposed, the rate was adjusted to 0.005% of the transaction value.

The amount of truth is small, tiny for a N100,000 transfer; the levy is N5. However, it is applied to almost all electronic transactions.

Where does the money go? It goes into a National Cybersecurity Fund to help protect the country’s digital infrastructure from hackers and fraud.

VAT on bank service fee

Earlier in 2027, the government mandated a 7.5% Value Added Tax (VAT) on the service fees the bank charges you.

It is important to be clear that the government is not taking 7.5% of your total transfer. They are taking 7.5% of the fee the bank charges you.

So, if your bank charges you N25 for sending money, the VAT going to the government is 7.5% of that N25 (about N1.875).

Also note that this applies to card maintenance, hardware token costs, and SMS alerts too.

ATM and card maintenance fees

Many digital Fintech banks offer free cards; however, traditional commercial banks in 2026 still follow the CBN pricing guide.

Conclusively, the new bank charges in Nigeria 2026 show a country that is trying to balance its budget while moving toward a digital future.

Additionally, the CBN, according to a Tribune Online report, has recently issued new directives affecting the Bank Verification Number (BVN), instant payment services, and the handling of dormant bank accounts.

The directives were contained in three circulars released by the apex bank on March 12, 2026, and sent to banks, other financial institutions and payment service providers operating in the country.

In one of the circulars, the CBN outlined new operational rules for instant payment services as part of efforts to protect customers and reduce cases of electronic fraud.

Under the directive, all financial institutions offering instant payment services must allow customers to voluntarily opt out of the service.

Customers will be able to switch off the instant transfer feature on their accounts for a chosen period. Once the option is activated, the account holder will not be able to send money electronically through instant transfers to other accounts.