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The short answer
The cheapest way to send money from Ado-Ekiti to family elsewhere in Nigeria is usually an instant bank or app transfer to their own account; the CBN's 2020 Guide to Charges caps the fee at ₦25 for amounts from ₦5,000 to ₦50,000. The bigger cost is often your relative's cash withdrawal at a POS agent, so plan around both.
The cheapest way is usually a bank transfer
For most families, the cheapest way to send money from Ado-Ekiti to a relative in Ikere, Ikole, Omuo or anywhere else in Nigeria is an instant transfer from your bank or app to theirs. Transfers between Nigerian banks and licensed fintechs run on the NIBSS Instant Payment (NIP) system, which NIBSS describes as real-time, account-number-based, with a name check before you send. The money usually lands in seconds, and the fee is small compared with any cash option.
The cost that families often miss is not the transfer but getting the money out at the other end. If your relative lives where there is no bank branch or working ATM nearby, they may withdraw through a POS agent and pay that agent's charge. Planning around that second cost is how you find the cheapest option overall.
What transfers cost
The CBN Guide to Charges that took effect on 1 January 2020 sets the maximum fees banks may charge for electronic transfers to other banks:
| Amount sent | Maximum fee (CBN Guide, effective Jan 2020) |
|---|---|
| Below ₦5,000 | ₦10 |
| ₦5,000 to ₦50,000 | ₦25 |
| Above ₦50,000 | ₦50 |
In April 2026 the CBN published an exposure draft of a new guide that would make transfers up to ₦5,000 free, cap fees at ₦10 between ₦5,000 and ₦50,000 and at ₦50 above that, as TechCabal reported. We have not seen confirmation that the draft has been adopted in final form, so check your bank's current tariff. Many apps also show the fee before you confirm; read it each time, since providers may charge less than the maximum. Stamp duty and other charges may apply on some transactions.
The options compared
- Bank or app transfer to their account: fastest and cheapest if the relative has an account and can spend or withdraw easily. Fee as above.
- USSD transfer: useful when data is poor; charges vary by bank and are shown before you confirm.
- Transfer to a POS agent near them: if your relative has no account, some families send to a trusted agent who pays out cash. The agent charges for this, and you depend on the agent's honesty; prefer an agent your relative knows well.
- Cash sent with a traveller or driver: no bank fee, but no protection if it goes missing. Use it only for small amounts with someone you trust, and confirm receipt by phone.
- Cash deposited at a bank branch or agent: possible, but under the CBN's October 2025 agent banking guidelines a customer can cash in at most ₦100,000 a day and ₦500,000 a week through agents.
Distance makes no difference to a transfer. Sending to a sibling in Lagos, Abuja or Kano costs the same as sending to a neighbour in Ado-Ekiti, because the fee depends on the amount and the bank, not the destination. What changes from place to place is how easily the recipient can use the money: in a city they can usually pay by transfer or card, while in a small town they may need cash, so ask how they will spend it before choosing a method.
A worked example: monthly support for a parent
Take an example: you send ₦30,000 a month to a parent in a smaller Ekiti town. A transfer of that size attracts at most ₦25 under the 2020 CBN guide. If your parent then withdraws the full amount at a POS agent who charges ₦200 (an illustrative charge; Techpoint Africa reported agents in Lagos and Enugu charging ₦150 to ₦200 on small withdrawals in January 2025), the total cost is ₦225 a month, or ₦2,700 a year. If the parent can pay most bills by transfer and withdraws less often, the cost falls further.
Compare that with sending cash through a traveller: the fee may be nothing or a small tip, but a single loss of ₦30,000 wipes out more than ten years of transfer and withdrawal fees at the example rate.
Avoiding mistakes and fraud
- Check the name that appears after you enter the account number before confirming.
- Save your relative as a beneficiary to avoid typing errors.
- If a transfer shows as successful but has not arrived, the NIBSS *565*5# tracker shows the status of NIP transfers from the last 48 hours for ₦20, dialled from the phone tied to the sending account.
- Never send money to a new account because of a text or call claiming to be your relative; call them back on the number you know.
- Keep transfer receipts; they are useful if a dispute arises.
Our guides to fake bank customer care and POS fraud cover the common tricks.
Where Pryme fits
With Pryme you can send money to any Nigerian bank account and see the fee before you approve. If relatives abroad send to you, a Pryme account holds NGN, USD, GBP and EUR with local account details, and you can Swap to naira when you choose, with the rate shown first. A Personal Assistant can prepare the monthly transfer and remind you, and it only moves once you approve.
Questions people ask
What is the cheapest way to send money to family in Ekiti?
An instant bank or app transfer to their own account. Under the CBN's 2020 Guide to Charges, sending ₦5,000 to ₦50,000 costs at most ₦25, and your app shows the actual fee before you confirm.
How much do banks charge for transfers in Nigeria?
The CBN guide effective January 2020 caps fees at ₦10 below ₦5,000, ₦25 from ₦5,000 to ₦50,000, and ₦50 above. A 2026 draft proposes lower fees, but check whether it has been adopted.
How do I track a transfer that has not arrived?
Dial *565*5# from the phone tied to the sending account. NIBSS says it shows the status of NIP transfers from the last 48 hours and costs ₦20.
Is it safe to send money through a POS agent?
It can work, but you depend on the agent paying out correctly. Use an agent your relative knows, confirm receipt by phone and keep the transfer receipt.
Sources
- NIBSS: NIBSS Instant Payment (NIP) · accessed Oct 2026
- CBN: Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
- TechCabal: CBN draft Guide to Charges 2026 (Apr 2026) · accessed Oct 2026
- CBN: Circular and Guidelines for the Operations of Agent Banking in Nigeria (6 Oct 2025) · accessed Oct 2026
- NIBSS: USSD validation services (*565#) · accessed Oct 2026
- Techpoint Africa: POS withdrawal charges rise as agents lament cash scarcity (8 Jan 2025) · 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.