The new directive introduces a tiered fee structure based on the transaction value. Inter-bank transfers between N5,000 and N50,000 will now attract a N10 fee, while charges for transfers exceeding N50,000 remain capped at N50.
Notably, the Central Bank has removed fees entirely for transactions below N5,000.
This specific policy aims to incentivize small businesses and low-income earners to utilize electronic payment options more frequently. Consequently, the removal of micro-transaction fees could deepen financial inclusion within Nigeria’s informal economy.
The increased cost for transfers above N10,000 is primarily driven by the reintroduction of stamp duties in 2026. This duty replaces the previous Electronic Money Transfer Levy (EMTL), which was a flat N50 charge. A critical change in the new arrangement is that this levy is now deducted from the sender rather than the receiver.
Therefore, users initiating payments will face a higher immediate financial burden when transferring funds. This shift in deduction policy may influence consumer behavior regarding the frequency and size of digital payments.
Beyond direct bank transfers, the draft guide establishes a more structured fee regime for Point of Sale (PoS) withdrawals. “On-us” withdrawals, where the card and the terminal belong to the same institution, will now cost N100 for every N20,000 withdrawn.
In contrast, “not-on-us” withdrawals will attract an additional fee that will be determined by the specific agent. This standardization seeks to bring more transparency to the agency banking sector, which has become a vital link for cash access across Nigeria.
These changes arrive as Nigeria continues to navigate its transition toward a fully cashless economy. By eliminating fees for small-value transfers, the government is attempting to reduce the reliance on physical cash for daily necessities.
However, the higher costs for larger transfers could potentially increase the operational expenses for medium-sized enterprises. As the September 2026 academic and fiscal cycle approaches, businesses must adjust their payment strategies to account for these new transaction costs.
The success of this pricing regime will depend on its ability to balance revenue generation with the goal of widespread digital adoption. While the N60 effective cost for transfers above N10,000 is a notable increase, the zero-fee threshold for small payments serves as a strategic olive branch to the unbanked population.
Moving forward, the Central Bank will likely monitor the impact of these charges on inflation and total transaction volumes. Ultimately, the goal remains to build a resilient and cost-effective digital infrastructure that supports Nigeria’s long-term economic growth.
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