List of Bank Charges in Nigeria (2024) – All Bank Charges

Bank Charges in Nigeria

Bank charges in Nigeria refer to the fees imposed by banks for various services they provide to customers. These charges cover a wide range of services, including account maintenance, ATM usage, withdrawals, transfers, and more. In this post, we’ll go through the list of bank charges in Nigeria and their fees.

Nigerian banks have schedules outlining these charges, which may vary between banks and account types. Understanding these charges is very important for account holders to manage their finances effectively and avoid unexpected deductions.

These charges can vary between banks and may apply to different types of accounts and activities. Let’s go through some common bank charges in Nigeria and how they affect you.

List of Bank Charges in Nigeria

Account Maintenance Fee

This is a monthly or quarterly fee that banks charge for keeping your account active and maintaining your account.

ATM Withdrawal Charges

When you use another bank’s ATM to withdraw cash more than a certain number of times in a month, you will incur charges for each additional withdrawal.

SMS Alert Charges

Banks often charge a small fee for sending SMS alerts for transactions on your account.

Card Maintenance Fee

If you have a debit or credit card, your bank may charge you an annual fee for maintaining the card.

Dormant Account Charges

If your account remains inactive for a long period, your bank may charge a fee for dormancy.

Interbank Transfer Charges

We all know that transferring money to another bank will incur charges, which can vary depending on the amount and method used (online, mobile app, or in-branch).

Stop Payment Order Fee

If you request to stop payment on a cheque, your bank may charge a fee for this service.

Account Statement Charges

Requesting a printed account statement might come with a fee.

Cheque Book Issuance Fee

Banks usually charge for issuing a new cheque book.

Loan Processing Fees

Applying for a loan often involves a processing fee, which is a percentage of the loan amount.

Overdraft Charges

If you spend more than what is in your account, you’ll be charged interest on the overdrawn amount.

Foreign Exchange Charges

Transactions involving foreign currency, such as buying dollars, may include a fee and an exchange rate markup.

Bank Transfer Charges in Nigeria

Bank transfer charges are fees levied by banks for the transfer of funds between bank accounts. These charges can vary depending on various factors such as the type of transfer (domestic or international), the amount being transferred, and the banks that are involved. Below are some of the common bank transfer charges.

Intrabank Transfers

Transferring money within the same bank usually incurs minimal or no charges. It’s even free in some cases.

Interbank Transfers

Transferring money to another bank comes with charges that vary depending on the bank and the transfer method (online, mobile app, or in-branch).

USSD Transfer Charges

Using USSD codes for transfers typically incurs charges that are the same across all banks.

Bank Charges on Current Account in Nigeria

For people that have a current account in Nigeria, below are charges to get familiar with.

Account Maintenance Fee

Due to the additional services they offer, current accounts generally have higher maintenance fees compared to savings accounts.

Cheque Book Charges

Current account holders often incur charges for ordering new cheque books.

Overdraft Fees

If your current account has an overdraft facility, you’ll be charged interest on the overdraft amount.

Transaction Charges

Activities like cash deposits, withdrawals, and transfers. Current accounts may have charges for them


Bank charges are a part of how banks operate and remain competitive. It’s important to be aware of these fees and understand how they impact your finances. Different banks have varying fee structures, so check with your bank for specific charges.