Bank Charges in Nigeria: How Much Is Too Much?

Between POS fees, transfer levies, and “SMS maintenance” alerts, Nigerian bank charges have become a quiet headache for business owners. But what if some of these deductions aren’t even legal? Here’s what every entrepreneur should know about their rights under CBN’s latest rules.

If you’ve ever opened your bank app and muttered, “Ah ah, who removed ₦50 again?”, you’re not alone.

Many Nigerians now see bank alerts as double-edged: one brings joy, the other heartbreak.

From “SMS maintenance fee” to “transfer levy” and “card renewal,” those small deductions can add up faster than you think. But the real question is, are they even legal?

1. The Legal Side of Bank Charges

Bank charges are not random. The Central Bank of Nigeria (CBN) regulates them through the Guide to Charges by Banks and Other Financial Institutions (2020).

Here’s what’s allowed:

• ₦10 stamp duty on transfers above ₦10,000
• ₦50 monthly card maintenance fee
• ₦35 transfer charge between banks

And what’s not allowed? Hidden or excessive deductions.

If your bank removes money without clear explanation, you’re within your rights to challenge it.

2. Why Entrepreneurs Should Care

For individuals, ₦50 may look like nothing. But for business owners, those “little” charges can quietly bleed profits.

Take a POS operator processing 80 transactions daily. ₦20 per transfer equals ₦1,600 a day, or ₦48,000 a month, gone! That’s money that could have restocked goods or paid an apprentice.

No wonder many SMEs now turn to fintech apps like Opay and Moniepoint, which often charge less. Still, those platforms are also regulated by CBN and must disclose their fees, so always read the fine print.

 3. What To Do When You’re Overcharged

Don’t just accept unexplained deductions. The CBN’s Consumer Protection Framework gives you the right to act.

Here’s the process:

• Document every debit, screenshots, statements, everything.
• Complain to your bank. They must acknowledge within 24 hours and resolve within 14 days.
• Escalate to the CBN if they don’t act. Send proof to cpd@cbn.gov.ng.

Tip: A calm, documented complaint often works faster than angry tweets.

4. The Future of Transparent Banking

As fintech grows and open banking becomes mainstream, customers are demanding transparency.

Some banks now test charge dashboards that display deductions in real-time, a welcome move for everyone tired of “mysterious ₦50 alerts.”

With stronger enforcement coming in 2025, the CBN says banks that hide fees will face stricter penalties. The goal? Make every deduction visible and explainable.

Final Thoughts

Bank charges aren’t evil, they’re part of running a financial system. The problem is opacity when your bank takes without telling.

So, next time you get that “₦50 debit” alert, don’t just sigh. Check it. Question it. Because sometimes, the difference between profit and loss isn’t about sales, it’s about what quietly leaves your account.