Nigerian bank charges are a significant and often invisible cost. Monthly maintenance fees, SMS alerts, stamp duty, card maintenance, and transfer charges can easily add up to ₦3,000–₦8,000 per month — ₦36,000–₦96,000 per year — on an active current account. In 2026, the gap between the most and least expensive banks on charges has widened considerably. Here is exactly what you're paying at each bank.
- Stamp duty: ₦50 on all deposits/transfers ≥ ₦10,000 (FIRS charge via banks)
- NEFT interbank transfer fees: ₦10.75–₦53.75 depending on amount (CBN-regulated)
- ATM foreign bank withdrawal: ₦100 per transaction after third (CBN-regulated)
- These apply at every CBN-licensed bank — no bank can waive them
Current Account Charges Comparison — May 2026
| Bank | Monthly Maintenance | SMS Alerts | Card Maintenance | Overdraft Rate | Free Transfers |
|---|---|---|---|---|---|
| Kuda Bank | ₦0 | ₦0 (in-app) | ₦0 | Not available | 25/month |
| Moniepoint | ₦0 | ₦0 (in-app) | ₦0 | 25–30% p.a. | 50/month |
| Wema/ALAT | ₦0–₦100 | ₦4/SMS | ₦50/month | 25–28% p.a. | 0 free |
| GTBank | ₦1,000–₦2,000 | ₦4/SMS | ₦100/month | 25–30% p.a. | 0 free |
| Zenith Bank | ₦1,000 | ₦4/SMS | ₦100/month | 26–30% p.a. | 0 free |
| Access Bank | ₦1,000–₦2,500 | ₦4/SMS | ₦100/month | 25–28% p.a. | 0 free |
| UBA | ₦1,000 | ₦4/SMS | ₦100/month | 25–30% p.a. | 0 free |
| First Bank | ₦1,500 | ₦4/SMS | ₦100/month | 26–30% p.a. | 0 free |
| Stanbic IBTC | ₦1,500–₦3,000 | ₦4/SMS | ₦150/month | 25–28% p.a. | 0 free |
Business Current Accounts — Features That Matter for SMEs
| Bank | Min Opening Deposit | Chequebook | POS Terminal | Business Loan | Online Portal |
|---|---|---|---|---|---|
| GTBank (Business) | ₦50,000 | Yes ✓ | Available ✓ | Yes (GTCredit) | Yes ✓ |
| Zenith Bank (SME) | ₦50,000 | Yes ✓ | Available ✓ | Yes | Yes ✓ |
| Access Bank (Business) | ₦100,000 | Yes ✓ | Available ✓ | Yes | Yes ✓ |
| Moniepoint (Business) | ₦0 | No | Included ✓ | Yes (up to ₦20M) | Yes ✓ |
| Stanbic IBTC (SME) | ₦100,000 | Yes ✓ | Available ✓ | Yes | Yes ✓ |
| FCMB (Business) | ₦50,000 | Yes ✓ | Available ✓ | Yes | Yes ✓ |
- Zero-charge personal current account: Kuda or Moniepoint personal (no maintenance, no SMS fee)
- Best for overdraft facility: GTBank or Access Bank (pre-approved overdrafts, large credit limits)
- Best for SMEs and businesses: Moniepoint (free POS terminal, business loans up to ₦20M, zero maintenance)
- Best premium personal banking: Stanbic IBTC or Standard Chartered (wealth management features)
- Best for students and low-income earners: Wema ALAT or Kuda (zero balance, zero fee)
Compare all Nigerian bank accounts — personal and business — on fees and features.
Compare All Bank Accounts →Frequently Asked Questions
Disclaimer: CompareMarket NG is an independent comparison service. Information is verified against regulatory databases (NAICOM, CBN, FCCPC, NDIC, NERC, NCC) and updated regularly, but rates and products change frequently. Always verify current terms directly with the provider before making a financial decision. This is not financial advice.
