Nigeria, April 15 -- Ozovehe Blessing, an Abuja-based school teacher, regularly sends money to her younger brother at Kogi State University. Recently, she transferred N5,000 via her mobile banking app and was charged a N10 transfer fee. When her brother withdrew the money from an ATM outside his bank's network, he lost an additional N100 in withdrawal fees.

Had he used a POS agent, the cost could have been even higher, ranging from N300 to N500, depending on location. By the end of the transaction, the original N5,000 could have been reduced to N4,600 or less, all due to banking charges.

Nigerians have long expressed frustration over the numerous and often hidden charges associated with their banking and electronic transactions. What mi...