Five Major Bank Charges Nigerians Will No Longer Pay from January 2026

Millions of Nigerians are set to enjoy meaningful financial relief beginning January 2026 as the Federal Government eliminates five widely applied bank charges under its new tax and financial reform framework. The initiative is part of President Bola Ahmed Tinubu’s fiscal overhaul aimed at reducing the cost of financial transactions, improving business efficiency and supporting households and small enterprises.

The reforms stem from four new laws signed on June 26, 2025 — the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act and the Joint Revenue Board Act. The combined provisions are designed to simplify tax processes, streamline revenue collection and eliminate unnecessary financial burdens.

According to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, the updated financial laws introduce new exemptions that will have direct and positive impact on millions of bank customers.

One of the most notable changes is the complete removal of the ₦50 Electronic Money Transfer Levy charged on transfers above ₦10,000. This levy previously affected millions of mobile and online transactions daily. Its removal is expected to increase the adoption of digital payments, reduce the cost of low-value transfers and boost financial inclusion.

Salary earners and employers also stand to benefit from January 2026, as stamp duty charges on salary transfers will be abolished. This means workers will receive full salaries without deductions linked to transfer charges, while businesses will enjoy lower administrative expenses, especially small and medium-sized enterprises that operate frequent payrolls.

The reforms also favour investors. Stamp duties on transactions involving treasury bills, government bonds and shares will be scrapped. The removal of these charges is expected to make investments more affordable and promote stronger participation in the capital market.

Additionally, stamp charges on documents used for processing stock or share transfers will be discontinued. This will reduce compliance costs for brokers, simplify documentation for investors and encourage more Nigerians to build investment portfolios.

Another major change is the removal of the ₦50 charge on transfers between accounts within the same bank. Customers will be able to move funds between personal accounts or related business accounts without incurring extra fees, improving liquidity and cash flow management.

Oyedele explained that these reforms were made possible by the Nigeria Tax Act 2025, which introduces new exemptions from stamp duties and reverses previous provisions under the old Stamp Duties Act and Finance Act 2020.

The updated tax reforms are expected to improve business confidence, reduce financial pressure on households and stimulate more activity in the digital payments ecosystem.