Lagos pays by bank transfer. A buka, a keke driver and a market trader will all give you an account number. Cash is still needed, and is sometimes scarce, and the gap between the two is filled by the POS agent.
Transfers
Instant transfers between Nigerian banks are the default for almost everything. Before you send:
- Check the account name your app shows against the person or business you are paying. If it is a different name, stop and ask.
- Send to businesses’ accounts, not personal ones, for anything large.
- Screenshot the receipt; traders will ask for proof.
When a transfer fails
Transfers sometimes leave your account and do not arrive. Usually they are reversed automatically within a day or so. If not, complain to your bank with the transaction reference, and escalate if it does not resolve it.
POS agents
POS agents — people at kiosks and shops with a card terminal — let you withdraw cash with your card, or pay cash in for a transfer, for a fee. They are everywhere, and indispensable when ATMs are empty.
- Agree the fee first; it varies by amount and by area.
- Do not let anyone else hold your card or enter your PIN, and cover the keypad.
- Count the cash before you leave.
Cash and limits
The Central Bank’s cashless policy limits how much an individual can withdraw over the counter each week, at ₦500,000, with a fee above that. Plan large cash needs ahead.
Scams to know
- The fake transfer alert: a buyer shows a doctored screenshot or an SMS “alert”. Check your own bank app before handing over goods.
- “I sent it by mistake”: a stranger transfers money and asks for it back to a different account. Ask your bank to reverse the original instead.