AI agents for business finance: what they can and can't do
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The short answer
Under the CBN Guide to Charges in force since 2020, a bank may charge up to ₦10 for an electronic transfer to another bank below ₦5,000, ₦25 from ₦5,000 to ₦50,000 and ₦50 above ₦50,000, with VAT at 7.5% on the fee. A ₦50 stamp duty is added for transfers of ₦10,000 or more. A CBN draft from April 2026 proposes free transfers up to ₦5,000 and ₦10 up to ₦50,000; check the fee GTBank shows before you confirm.
A transfer from GTBank to another bank has up to three parts to its cost: the bank's fee, VAT on that fee, and, for larger amounts, a government stamp duty. The fee is set by the bank within limits published by the CBN. This guide sets out those limits, how they apply to GTBank's channels and how to work out what you paid.
The CBN fee bands
| Transfer amount | CBN maximum fee (2020 guide) | Proposed in CBN draft (Apr 2026) |
|---|---|---|
| Below ₦5,000 | ₦10 | Free |
| ₦5,000 to ₦50,000 | ₦25 | ₦10 |
| Above ₦50,000 | ₦50 | ₦50 cap |
The 2020 bands come from the CBN Guide to Charges effective 1 January 2020. The proposed figures come from an exposure draft dated 21 April 2026, reported by TechCabal and summarised by Candide-Johnson & Co; comments closed in May 2026, and we did not find an effective date. Banks can charge less than the maximum, so the app is the final word.
VAT and stamp duty on top
- VAT at 7.5% applies to the bank's fee, not to the amount sent. On a ₦25 fee that is about ₦1.88.
- Stamp duty of ₦50 applies to electronic transfers of ₦10,000 or more and, since 1 January 2026, is paid by the sender. See why GTBank debited you ₦50 stamp duty.
Worked examples
| Example transfer to another bank | Fee (2020 bands) | VAT 7.5% | Stamp duty | Total cost |
|---|---|---|---|---|
| ₦3,000 | ₦10 | ₦0.75 | ₦0 | ₦10.75 |
| ₦9,500 | ₦25 | ₦1.88 | ₦0 | ₦26.88 |
| ₦10,000 | ₦25 | ₦1.88 | ₦50 | ₦76.88 |
| ₦200,000 | ₦50 | ₦3.75 | ₦50 | ₦103.75 |
Notice the jump between ₦9,500 and ₦10,000: the stamp duty adds ₦50. If you were going to split a payment anyway, two transfers just below ₦10,000 avoid the duty but each attracts its own fee, so the saving is small and the split must have a real purpose.
What GTBank's 737 FAQ lists
GTBank's 737 FAQ has its own table of USSD charges: ₦20 for a transfer to a GTBank account and ₦80 for a transfer to another bank, although the FAQ text elsewhere says ₦50 for other banks. The page is undated and still names Etisalat among the networks, so these figures may not be current. The CBN guide treats USSD transfers as attracting the prevailing NIP transfer charges, which are the bands above, and a separate network charge applies to USSD financial transactions; see GTBank USSD charges.
Transfers to other GTBank accounts
The CBN bands cover interbank transfers. For transfers to another GTBank account in GTWorld or internet banking, GTBank shows the fee, if any, before you confirm. We did not find a GTBank page in October 2026 that states it.
Keeping transfer costs down
- Batch small payments to the same person where it makes sense, since each transfer carries its own fee and VAT.
- Use the app rather than USSD for frequent transfers: USSD transactions carry a network charge on top of the bank fee.
- Pay salaries as salaries: salary payments were reported as exempt from stamp duty, but only if the bank can identify them, which usually means using a payroll or bulk salary option.
- Check whether the recipient has an account at the same bank; same-bank transfers fall outside the interbank bands.
Example only: a small business that makes 120 transfers a month between ₦10,000 and ₦50,000 pays about 120 × (₦25 + ₦1.88 + ₦50) = 120 × ₦76.88 = ₦9,225.60 a month under the 2020 bands. If the April 2026 draft took effect as proposed, the fee part would fall to ₦10 plus ₦0.75 VAT, giving 120 × ₦60.75 = ₦7,290, since the stamp duty would not change.
Why your charge may differ from the bands
The bands are maximums, not fixed prices, so GTBank may charge less, and promotions or account packages can change what you pay. A charge higher than the band for the amount sent, on the other hand, is worth querying. Remember too that the band depends on the amount of each transfer, not on your total for the day.
Checking what you were charged
- Open the transaction in GTWorld and look for separate lines for the fee, VAT and stamp duty.
- Compare the fee with the band for the amount sent.
- If a fee is above the band, or a duty appears on a transfer below ₦10,000, contact GTConnect (+234 1 448 0000) with the date and reference.
- Keep the complaint reference and escalate if unresolved; see escalating a GTBank complaint.
Where Pryme fits
When you send naira with Pryme, the fee is shown on its own line before you approve, and any stamp duty that applies is shown too. Businesses paying many suppliers can use bulk payouts to see the total cost of a batch first.
Questions people ask
How much does GTBank charge for transfer to other banks?
Under the CBN's 2020 bands, up to ₦10 below ₦5,000, ₦25 from ₦5,000 to ₦50,000 and ₦50 above ₦50,000, plus 7.5% VAT on the fee and ₦50 stamp duty on ₦10,000 or more. GTBank shows the fee before you confirm.
Is GTBank to GTBank transfer free?
The CBN bands apply to interbank transfers. GTBank shows any fee for a transfer to another GTBank account before you confirm; we did not find a published figure.
How much is GTBank 737 transfer charge?
GTBank's 737 FAQ lists ₦20 to GTBank and ₦80 to other banks, but the page is undated and inconsistent. A separate network charge also applies to USSD financial transactions.
Will bank transfer charges reduce in 2026?
A CBN exposure draft from April 2026 proposes free transfers up to ₦5,000 and ₦10 up to ₦50,000. Check whether it has taken effect.
Sources
- CBN: Guide to Charges by Banks, Other Financial and Non-Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
- TechCabal: CBN's draft 2026 Guide to Charges and transfer fees (Apr 2026) · accessed Oct 2026
- Candide-Johnson & Co: Nigeria's New Banking Charges Framework (2026 exposure draft) · accessed Oct 2026
- GTBank: 737 frequently asked questions · accessed Oct 2026
- Moniepoint Support: Stamp duty (VAT of 7.5% on transaction fees) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.