How to Stop Losing Money to Bank Charges in Nigeria
Bank charges can accumulate up to N5,000 per month depending on bank and amount of transactions per month. However, here's how to cut cost on your fee
How to Stop Losing Money to Bank Charges in Nigeria
There are more than 10 bank charges in Nigeria. These bank charges are applied to anyone using bank (either traditional or neobank) in Nigeria. Some popular bank charges are: Account Maintenance Fee Electronic Funds Transfer Charges (NIP/NEFT) ATM Withdrawal Charges (Other Banks) Card Maintenance Fee ATM Card Replacement Fee SMS Alert Charges Stamp Duty Charges Cheque Book Issuance Fee Cheque Processing Fee Loan Management Fee Loan Commitment Fee Early Loan Liquidation Fee Hardware Token Fee Online Banking Transaction Charges International Transaction Charges Inward Foreign Transfer Charges Unfunded Mandate Return Fee POS Transaction Charges These bank charges have different fee ranging from lowest which is N10 to as high as N5000 in some banks. For instance, Electronic Transfers (NIBSS Instant Payment / NEFT) charges can be as low as N10 per transaction, while Inward Foreign Transfer charges can be as high as ₦5,000+ depending on the amount. Some banks may charge percent per transaction; typically 2%–3…
About the author
He is a seasoned journalist with extensive experience in consumer tech, economy, finance, business, money and shopping. Currently chasing a BSc degree in Accounting.
