Thread by @NaijaKnowledgeX

*****Banking in Nigeria*****

Things to know

If you send money from your Nigerian bank accounts to other people's Nigerian bank accounts, your bank will charge you a fee

However, this fee is always very low less than N100

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Nigerian banks are required to charge you a fee to maintain your account

This is to ensure that your account is not dormant

Because, when you opened your Nigeria bank account, you declared that you are capable of operating a bank account

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You can avoid single transaction charges by sending money in bulk e.g. multiple recipients in one transaction

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You can shop around to see which Bank charge less transaction, and you can switch bank. Don't feel the need to stay with the bank that charges you more in transfer and maintenance fees

Most FinTech banks are now competitive on Transfer fees as their USP

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In other countries like the United Kingdom, it is free to transfer money from your bank account to another people's bank account, also your account cannot be closed without your consent

You also have options to switch to a better bank that offer some perks

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Switching bank accounts in the United Kingdom is done by the bank for you, as they are obligated to work together

However, Nigerian banks do not have that collaboration to automatically switch your bank account to another bank

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cbn.gov.ng/Out/2022/CCD/O…

The Regulatory Framework for Open Banking in Nigeria established principles for data sharing
across the banking and payments system to promote innovations and broaden the range of
financial products and services available to bank customers.