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The short answer
For most people, a bank transfer is the cheapest and safest way to send money from Ibadan to family elsewhere: under the CBN Guide to Charges in force since 2020, interbank transfers cost at most ₦50, and from January 2026 a ₦50 stamp duty applies to transfers of ₦10,000 or more. If the recipient needs cash and has no bank nearby, they can withdraw at a POS agent, who adds their own charge.
Many people who live in Ibadan support parents and relatives in Ogbomoso, Oyo town, Iseyin, Saki, Ilesa or further away. The question is rarely whether the money can be sent; it is how much is lost on the way and how quickly it reaches someone who may need it in cash. This guide compares the main routes and shows a worked example.
Your options
| Route | What it costs | Speed | Watch out for |
|---|---|---|---|
| Bank or app transfer to their account | Up to ₦50 transfer charge under the 2020 CBN guide, plus ₦50 stamp duty on ₦10,000+ | Usually minutes | Recipient still needs a way to get cash |
| Transfer, then cash-out at a POS agent near them | Transfer charge + stamp duty + the agent's cash-out charge | Minutes, if the agent has cash | Agent charges vary; daily limits apply |
| Cash sent through a traveller or driver | Often a tip or fee to the carrier | Hours to days | Loss, theft, no record |
| Cash handed over in person | Your fare and time | As fast as your trip | Carrying cash on the road |
What a transfer costs
The CBN Guide to Charges, effective 1 January 2020, sets maximum charges for interbank electronic transfers: ₦10 for amounts up to ₦5,000, ₦25 for ₦5,001 to ₦50,000, and ₦50 above ₦50,000. Many apps charge less or nothing. TechCabal reported in April 2026 on a CBN exposure draft of a revised guide that would make transfers up to ₦5,000 free, charge ₦10 from ₦5,000 to ₦50,000 and cap charges at ₦50 above that; we could not confirm that the draft had taken effect as at October 2026.
Separately, Techeconomy reported that from 1 January 2026 the old electronic money transfer levy was replaced by a ₦50 stamp duty on electronic transfers of ₦10,000 and above, paid by the sender. Transfers below ₦10,000 and salary payments are exempt.
When the recipient needs cash
Older relatives in smaller towns often want cash. Once the money is in their account, a POS agent can give it to them. CBN rules from December 2024, summarised by Techeconomy, limit POS cash-out to ₦100,000 per customer per day and ₦500,000 per week, and cap each agent at ₦1.2 million a day. If you are sending a large sum for a ceremony or hospital bill, plan the withdrawal over several days or ask the recipient to pay the bill directly by transfer.
- Agree in advance which agent your relative will use, and ask what they charge per ₦10,000
- Suggest your relative goes with a trusted family member and counts the cash at the stand
- If the agent's transfer fails but the account is debited, follow failed POS refund timelines
Worked example: ₦60,000 to a mother in Ogbomoso
Example only. You send ₦60,000 from an Ibadan account to your mother's bank account. Assume your bank charges the 2020 maximum.
| Item | Amount |
|---|---|
| Amount sent | ₦60,000 |
| Transfer charge (above ₦50,000) | ₦50 |
| Stamp duty (₦10,000 or more) | ₦50 |
| Agent cash-out charge (example ₦200 per ₦10,000) | ₦1,200 |
| Total cost of getting cash in her hand | ₦1,300 |
The bank and tax charges are ₦100; most of the cost is the agent's charge. If she can pay the trader, pharmacy or school directly by transfer, the cost drops to ₦100. That is why teaching an older relative to pay by transfer, or helping them set up a simple app, saves money over time; see helping an older parent set up a money assistant.
If the recipient has no bank account
Some older relatives still have no account, or have one they cannot operate on a phone. Options, in order of preference:
- Help them open a basic account or mobile wallet at a bank or agent near them; a Tier 1 account needs a BVN or NIN under CBN rules, so do that first.
- Send to a trusted family member nearby who hands the cash over, and ask them to confirm by phone.
- Pay the bill directly: school fees, a pharmacy, a hospital or a landlord, rather than sending cash for it.
Paying the end use directly is often the cheapest and safest route, since there is no cash-out charge and you keep the receipt.
Staying safe
- Confirm the account name before sending; a wrong digit sends money to a stranger
- Be wary of urgent calls claiming a relative is in hospital or detained and needs money to a new account
- Keep the receipt in case of a dispute
Where Pryme fits
With a Pryme Personal Account you can send money to any Nigerian bank account and see the charge before you approve. Your Personal Assistant can set up a monthly support payment to your parents, prepared each month for your approval. Read sending money to family with an assistant.
Questions people ask
What is the cheapest way to send money from Ibadan to my village?
A bank or app transfer to the recipient's own account is usually cheapest: at most ₦50 under the 2020 CBN guide, plus ₦50 stamp duty on ₦10,000 or more. Cash-out at a POS agent adds the agent's charge.
How much is stamp duty on transfers in 2026?
From 1 January 2026, ₦50 on electronic transfers of ₦10,000 and above, paid by the sender, as reported by Techeconomy.
How much can my mother withdraw at a POS in one day?
CBN rules from December 2024 cap POS cash-out at ₦100,000 per customer per day and ₦500,000 per week.
Is it safe to send money through a driver?
It is risky: there is no record if it goes missing. A transfer leaves a trail and is cheaper in most cases.
Sources
- CBN: Guide to Charges by Banks, Other Financial and Non-Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
- TechCabal: CBN exposure draft of the revised Guide to Charges (Apr 2026) · accessed Oct 2026
- Techeconomy: Stamp duty replaces EMTL, sender to bear ₦50 charge on bank transfers (1 Jan 2026) · accessed Oct 2026
- Techeconomy: 7 key highlights of CBN's new ₦100,000 cash-out limit for PoS transactions (Dec 2024) · 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.