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The short answer
Under the CBN's Guide to Charges (effective 1 January 2020), a bank can charge up to ₦10 for a transfer below ₦5,000, ₦25 for ₦5,001 to ₦50,000 and ₦50 above ₦50,000, plus 7.5% VAT on the fee; Zenith's FAQ says Zenith-to-Zenith transfers are free. From 1 January 2026, transfers of ₦10,000 or more also carry ₦50 stamp duty paid by the sender, and the Zenith app shows the exact charge before you confirm.
Sending money from Zenith Bank to an account at another bank costs a small fee set within limits the CBN publishes. On top of that sit VAT and, for larger transfers, stamp duty. Knowing the three parts makes it easy to check what you were charged.
The CBN fee bands
The CBN's Guide to Charges, effective 1 January 2020, sets the maximum a bank may charge for electronic transfers:
| Transfer amount | Maximum fee (CBN 2020) | VAT at 7.5% on fee | Fee plus VAT |
|---|---|---|---|
| Below ₦5,000 | ₦10 | ₦0.75 | ₦10.75 |
| ₦5,001 to ₦50,000 | ₦25 | ₦1.875 | ₦26.875 |
| Above ₦50,000 | ₦50 | ₦3.75 | ₦53.75 |
These are caps; a bank may charge less. Zenith did not publish its own interbank fee table on the pages we could read in October 2026, so the confirmation screen in the app or on *966# is the place to see the exact figure. The CBN guide also says USSD transfers follow the prevailing instant transfer charges, so the same bands apply on *966#, with your network's USSD session charge on top.
A new CBN guide is in draft
An exposure draft of a new Guide to Charges, dated 21 April 2026 and reported by TechCabal, proposes free transfers up to ₦5,000, ₦10 for ₦5,000 to ₦50,000 and a ₦50 cap above that. No effective date was stated. Until a final guide takes effect, the 2020 bands are the published rule.
Zenith to Zenith
Zenith's FAQ states that Zenith-to-Zenith transfers are free. The same FAQ lists a 'Local Money Transfer' at ₦210; the page is undated and does not explain the product, so ask Zenith before relying on that figure.
Stamp duty
Since 1 January 2026, under the Nigeria Tax Act 2025, a flat ₦50 stamp duty applies to electronic transfers of ₦10,000 or more and is deducted from the sender, as reported by Techeconomy. Transfers below ₦10,000, salary payments and transfers between your own accounts at the same bank are reported as exempt. See Zenith stamp duty explained.
Worked examples (illustrative, at the CBN 2020 caps)
| You send | Bank fee | VAT | Stamp duty | Total cost |
|---|---|---|---|---|
| ₦3,000 to another bank | ₦10 | ₦0.75 | ₦0 | ₦10.75 |
| ₦20,000 to another bank | ₦25 | ₦1.875 | ₦50 | ₦76.875 |
| ₦150,000 to another bank | ₦50 | ₦3.75 | ₦50 | ₦103.75 |
| ₦150,000 to another Zenith account (not yours) | ₦0 | ₦0 | ₦50 | ₦50 |
In practice banks round fractions of a kobo; your statement shows the exact debit. The SMS alert for each transfer is charged separately, at the rate Zenith's FAQ lists for alerts.
Charges that are not transfer fees
Several other lines can appear around a transfer and are easily mistaken for the transfer fee:
- SMS alert charges, billed per customer-induced alert; see Zenith SMS alert charges.
- USSD session charges from your network, not the bank, when you transfer on *966#.
- Stamp duty, a government charge, not a bank fee.
- Reversals of a failed transfer, which should return both the amount and any fee taken.
If a transfer fails and the amount is reversed but the fee is not, ask for the fee to be reversed as well: a fee on a transfer that never completed has nothing to pay for.
For businesses paying many suppliers
If you pay 40 suppliers a month at ₦20,000 to ₦50,000 each, every payment sits in the middle band. At the CBN 2020 cap, fees and VAT would be about ₦26.88 each, roughly ₦1,075 a month, plus ₦50 stamp duty on each, ₦2,000, for about ₦3,075 in total. The numbers are an example at the caps; Zenith's actual charge may be lower. Bulk payment products sometimes price differently, so ask your relationship officer.
Checking a charge
- Find the transfer on your statement and the debits next to it: fee, VAT, stamp duty.
- Compare the fee with the band for that amount.
- Check stamp duty only appears on transfers of ₦10,000 or more.
- If anything is off, query it with Zenith Direct on 01-292 7000 or zenithdirect@zenithbank.com.
Our guide to CBN transfer rules covers limits, and Zenith's daily transfer limits covers channel caps.
Where Pryme fits
Stamp duty applies on every channel, including when you send money with Pryme. Check the current Pryme transfer charge in the app before you confirm.
Questions people ask
How much does Zenith charge to transfer to other banks?
The CBN's 2020 guide caps transfer fees at ₦10 below ₦5,000, ₦25 from ₦5,001 to ₦50,000 and ₦50 above ₦50,000, plus 7.5% VAT. The Zenith app shows the exact charge before you confirm.
Is Zenith to Zenith transfer free?
Zenith's FAQ says Zenith-to-Zenith transfers are free. Stamp duty of ₦50 can still apply on ₦10,000 or more unless it is between your own accounts.
Why was I charged ₦53.75 for a transfer?
That is ₦50 plus 7.5% VAT, the CBN 2020 cap for transfers above ₦50,000. A separate ₦50 stamp duty may appear if the transfer was ₦10,000 or more.
Are USSD transfers on *966# more expensive?
The CBN guide says USSD transfers follow the prevailing transfer charges. Your mobile network may also charge for the USSD session.
Sources
- CBN: Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
- Zenith Bank: Frequently asked questions · accessed Oct 2026
- TechCabal: CBN exposure draft of a new 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
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.