How to Avoid Excessive Bank
Charges in Nigeria: Smart Tips for Every Account Holder
Switch
to a Low-Charge or Zero-Charge Digital Bank: Many
CBN-licensed and NDIC-insured fintech banks charge far less, or even zero
naira, for transfers, maintenance, and SMS alerts. Choose them. This is the
21st century; digitalisation is here to stay. Stop panicking unnecessarily.
Disable All SMS Alerts & Move to Email Alerts: Banks charge ₦4–₦6 per SMS. Email alerts are free. Go to your bank and request that SMS alerts be deactivated and replaced with email alerts. You will only fill an indemnity form.
Anytime Anyone Wants To Transfer ₦10,000 To You, Ask Them To Do ₦9,999 Instead: When you receive an electronic transfer of ₦10,000 into your bank account in Nigeria, you are charged a mandatory government levy of ₦50 called the Electronic Money Transfer Levy (EMTL). You won’t be charged if it’s ₦9,999.
Deactivate Your ATM Card If You Hardly Use It: If you hardly use your ATM card, there’s no reason to keep paying maintenance fees on it. Go and deactivate it, and tell the bank not to reissue a new one when the current card expires.
Don’t Save Money in a Current Account: Current accounts attract more charges. Use a savings account for storing your money.
Close Dormant or Unused Accounts: Dormant accounts still attract maintenance fees even when you’re not using them. Close them.
Avoid Using Other Banks’ ATMs: You get charged after the third withdrawal. So, use your bank’s ATM most of the time.
Use
Mobile App & USSD Instead of Going to the Bank: Over-the-counter
transactions attract higher fees. Use digital channels for most of your
activities.
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