Connect with us

Hi, what are you looking for?


Nigerians Pay Five Levies for Electronic Transactions


A bank customer in Nigeria pays as much as five different charges electronic transactions on one account and Netizens are not happy about it.

Only on Monday, Central Bank of Nigeria (CBN), added another 0.5 per cent cybersecurity levy to be charged on select bank transactions.

However, the apex bank exempted loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, and intra-bank transfers between customers of the same bank from the levy.

Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠and Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings, and deposits, including transactions involving long-term investments, among others.

But below is the list of charges Nigerians have to pay whenever they make electronic transfers.

  1. Cybersecurity levy

N5 is charged on the transaction of N1,000

N50 is charged on the transaction of N10,000

N500 is charged on the transaction of N100,000

N5,000 is charged on the transaction of N1,000,000

N50,000 is charged on the transaction of N10,000,000

  1. Transfer fee

N10 is being charged on the transaction below N5,000

N25 is being charged on the transaction between 5,001 and N50,000

N50 is being charged on transactions above N50,000

  1. Stamp duties

N50 is being charged on transactions between N10,000 and N10,000,000

  1. Short Messaging Service (SMS)

N4 is being charged on each electronic transfer notification

(Customers who use e-mail-only notification are not charged for this service)

  1. Value Added Tax (VAT)

N0.75 is being charged on the N10 transfer fee

N1.875 is being charged on the N25 transfer fee

N3.75 is being charged on the N50 transfer fee.


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *



You May Also Like


Guinness has announced it will exit the Nigerian market and sell off its controlling shares to Singaporean conglomerate Tolaram Group on Tuesday, June 11....


U.S. president, Joe Biden’s son has been found guilty of illegally buying a gun after hiding his drug use. Hunter Biden, 54, was convicted...


Federal High Court, Abuja, has granted the final forfeiture of every asset of NOK University, Gwasmyen Water Factory, Gwasmyen Event Center and Gwasmyen International...


Mastercard has announced the winners of the third edition of its Women SME Leaders Awards, celebrating the achievements of women-owned and led businesses across...