Nigerians to Stop Paying Five Bank Charges from January 2026
Atume Terfa
Nigerian bank customers are set to enjoy significant financial relief as the Federal Government has approved the abolition of five commonly imposed bank charges beginning January 1, 2026. The announcement was confirmed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, who described the decision as one of the most ambitious financial reforms the country has seen in decades.
The policy change follows President Bola Ahmed Tinubu’s signing of a comprehensive tax overhaul on June 26, 2025. The reforms are anchored in four new laws, the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act, and the Joint Revenue Board Act, all designed to modernise Nigeria’s revenue framework and reduce the financial burden on citizens.
Oyedele explained that removing these charges will put more money back into the hands of ordinary Nigerians, support small businesses, simplify transactions, and encourage wider adoption of digital payments.
Beginning in 2026, Nigerians will no longer pay the N50 Electronic Money Transfer Levy, previously charged on transfers below N10000. The removal aims to promote digital transactions, especially for low income earners who frequently make small transfers.
Stamp duty on salary payments will also be abolished, ensuring that workers receive their full earnings while reducing compliance costs for businesses. This is expected to particularly benefit small and medium enterprises that have been weighed down by high operating costs.
Investors will benefit as well, as stamp duties on treasury bills, bonds, and share transactions will no longer apply. This reform is designed to stimulate investment activity by eliminating barriers that have long discouraged participation in financial markets.
In addition, the stamp duty on documents required for stock or share transfers will be removed, easing transaction costs and reducing administrative delays within the capital market.
The longstanding N50 intrabank transfer charge will also be scrapped, allowing customers to move money between their own accounts within the same bank without incurring additional fees.
The abolition of these charges forms part of a broader government strategy to reduce living costs, promote financial inclusion, and accelerate digital transformation. The new tax laws also expand VAT exemptions for essential goods and services, including basic foods, housing rent, education, healthcare, agricultural inputs, and electric vehicles.
Economists caution that successful implementation will require strong coordination among government agencies, banks, and financial institutions. However, if fully executed, the reforms could mark a major turning point in restoring public confidence in Nigeria’s financial and tax system.
