Hidden Bank Charges in Nigeria (2026 Update): What Has Changed?
The tricky part is that some of these charges have changed in recent years, but many people are still working with old information. Let’s break things down based on what is actually happening now.
ATM Withdrawal Charges
Using your own bank’s ATM is still free. The issue starts when you use another bank’s ATM.
Right now, if you withdraw from another bank’s ATM, you can be charged about ₦100 per ₦20,000 withdrawal.
If the ATM is located in places like malls, fuel stations, or other public locations (off-site ATMs), there is usually an additional surcharge. This can go as high as ₦500 extra per transaction.
So in some cases, withdrawing ₦20,000 from an off-site ATM could cost you up to ₦600 in total charges.
Also, the old idea of getting a few free withdrawals every month doesn’t really apply anymore the way it used to.
The safest approach is simple—stick to your bank’s ATM whenever you can.
Cash Withdrawal Limits
There are also limits to how much cash you can withdraw within a week.
For individuals, the limit is around ₦500,000 per week, while for businesses it goes up to about ₦5,000,000 per week.
Once you go above this limit, the bank applies charges on the excess amount:
3% for individuals
5% for businesses
For example, if you withdraw more than ₦500,000 as an individual, the extra amount above that limit will attract a 3% charge.
Most people don’t realize this until they are already being charged. If you handle large amounts, it’s better to plan ahead or use transfers instead of cash.
Stamp Duty (What Most People Get Wrong)
This is one of the most misunderstood charges.
Right now, stamp duty is typically charged on the sender, not the person receiving the money. It applies when you transfer ₦10,000 or more to someone.
So if you send ₦20,000, you’ll likely be debited:
₦20,000 (transfer)
₦50 (stamp duty)
Total: ₦20,050
The person receiving the money gets the full ₦20,000.
It doesn’t apply to every transaction though. Transfers below ₦10,000, or movements between your own accounts, usually don’t attract it.
USSD Charges
A lot of people think USSD charges come from their bank account, but that’s not the case.
When you dial your bank’s USSD code, the charge is taken from your mobile airtime. It’s usually about ₦6.98 per session.
Even if the transaction doesn’t go through, once the session runs, your airtime can still be deducted.
If you use USSD often, those small charges can add up quickly. Using your bank’s mobile app with data is usually a better option.
Card Maintenance Charges
Your ATM card isn’t completely free. Banks charge small maintenance fees from time to time, usually quarterly.
It’s not always obvious, but it’s there. If you have multiple accounts or cards you don’t use, you might be paying for things you don’t actually need.
SMS Alert Charges
SMS alerts are another area where money goes quietly.
Banks typically charge around ₦4 per SMS, so if your account is active, those charges can build up over time.
A simple way around this is to switch to email alerts or rely on your mobile app for notifications.
Failed Transactions and Delays
Sometimes a transaction fails but your account is debited. In most cases, the money is reversed, but it can take time.
It’s not exactly a charge, but it can still affect you, especially if you need the money urgently.
Always keep proof of transactions and follow up with your bank if there’s any delay.
Final Thoughts
Most of these charges are not new, but the way they are applied has changed.
The difference now is that the system favors people who use digital banking more and rely less on cash or USSD.
Once you understand how these charges work, it becomes easier to avoid unnecessary deductions and manage your money better.
If you’ve noticed any strange charges on your account recently, you’re not alone. Paying attention to these small details can actually save you a lot over time.
This is educative. Thank you for the enlightenment
ReplyDeleteLooking forward to learning more
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