Nigerian Banks Alert Customers of New Electronic Transfer Charges Under Tax Reforms

Nigerian banks including Access Bank, First Bank, GTB, Zenith Bank, UBA, and Wema Bank have informed customers about new electronic transfer charges under the Nigerian Tax Act 2025, effective from January 1, 2026. The charges will be applicable to transfers of N10,000 and above, with the sender being responsible for the payment.

This move aims to enhance transparency, simplify charges, and ensure compliance with tax regulations. Additionally, banks will now require customers to provide their Tax Identification Numbers (TIN) for taxable Nigerian account holders.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy, confirmed the tax reforms in an interview.