Nigerian Government to Debit N75 from Bank Accounts for Electronic Transfers in 2026

The Nigerian government is set to implement a new fee structure in 2026, where N75 will be deducted from bank accounts for electronic transfers. This change is intended to shift the burden of electronic transaction costs onto users, replacing stamp duties with electronic money levies.

The Nigerian Inter Bank Settlement System (NIBSS) has communicated a reduction in transaction processing fees to promote financial inclusion and innovation. Premier Oiwoh and Ngover Ihyemb Nwankwo are key figures involved in this decision.