*The Nigerian Bank Charges You Didn't Know Were a Financial Leak* (Cont'd) Ah yes, the great Nigerian bank charges—everyday silent deductions that feel like spiritual attacks. *Common Charges Include:* 1. *SMS Alert Charges:* Even when you opt for email alerts, dem go still charge you for SMS you didn’t receive. ₦4.89 here, ₦6.58 there. “Na small,” you say. But add it up over a year, na your data subscription go disappear. 2. *Stamp Duty:* Any deposit above ₦10,000? Boom! ₦50 stamp duty. Uncle Sam must eat! 3. *Maintenance Fees:* Every month, ₦52.50 flies out of your account. For maintaining the same account you’ve been maintaining since Jonathan was president. 4. *Card Maintenance Fees:* You don’t even use the ATM card, but dem go still charge you ₦50–₦100 every three months. Maintenance of what exactly—engine oil for the chip? 😜 5. *Transfer Charges:* ₦10 to ₦50 per transfer depending on the bank and app. Try paying rent to your Lagos landlord in bits, and you’ll understand. 6. *USSD Charges:* That ₦6.98 per session piles up like mountain of fire prayer points. 🙆 Now imagine you save ₦100,000 in a year, and lose ₦5,000–₦10,000 to these small, small charges. You’re basically paying the bank to *hold* your money while they use it to *grow* theirs. *No be juju be that?* *What Does the Average Nigerian Do with Money?* According to surveys by EFInA (Enhancing Financial Innovation & Access), over *36% of Nigerians* still rely on traditional banks for saving, and among them: *60% do not invest at all* *72% only save in savings accounts* *Over 40% withdraw savings within the first 3 months* _That’s not saving; that’s money resting briefly before going back to hustle._ And here’s the scariest part: most people don’t know what interest they’re earning—if any. The average bank savings rate in Nigeria as of 2025 is about *5% per annum*, but many banks offer as low as *1.15%*, while deducting charges that *eat 2–4% of your balance!* *It’s like fetching water with basket. As you dey pour in, e dey leak out.* *The Horror of Inflation – Your Money is Getting Shorter* Wizkid said, "My money too long." Yours maybe getting shorter and here is why: Do you remember when ₦5000 used to fill your kitchen with rice, tomatoes, onions, and even give you balance for indomie and pure water? Now, ₦5000 gives you one Derica of rice, two sachets of tomato paste, and a bottle of oil that looks like anointing oil. *Inflation* is the gradual increase in prices and the decline in purchasing power of money. Nigeria’s inflation rate in 2025 is currently hovering around *28–36%*. (Source: NBS) This means: ° If you keep ₦100,000 in the bank today, and inflation is 30%, the *real value* of that money in a year is ₦70,000 in purchasing power. ° Meanwhile, if your bank gives you 4% interest and takes 2% in charges, you net 2% gain...but 30% loss in value. It’s like going to the gym, lifting heavy weights, sweating blood, and returning home to a bowl of Nkwobi and chilled Gulder. Very demoralising.