Starting from January 1, 2026, banks and other financial institutions in Nigeria will commence the deduction of a ₦50 stamp duty on all electronic transfers of ₦10,000 and above. This development follows the implementation of the new Tax Act, Newday Reporters has gathered.
The decision was communicated to customers through official notices issued by several Nigerian banks ahead of the policy’s take-off.
The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-time ₦50 fee applied to electronic transfers or receipts of funds deposited in any commercial bank or financial institution, across all types of accounts, provided the transaction amount is ₦10,000 or more.
In a message sent to its customers on Tuesday, the United Bank for Africa (UBA) informed them that the ₦50 EMTL will now be uniformly referred to as “stamp duty” across all financial institutions. According to the bank, the stamp duty will apply to transactions of ₦10,000 and above, or their equivalent in foreign currencies.
UBA further clarified that certain transactions are exempt from the charge. These include salary payments and intra-bank self-transfers.
Importantly, the bank noted a key change in the application of the charge: the sender of the funds will now bear the ₦50 stamp duty, whereas previously the fee was deducted from the beneficiary or receiver of the transfer.
Access Bank also issued a similar notification to its customers, confirming the new charge and its mode of application.
Banks emphasized that the ₦50 stamp duty is separate from existing bank transfer fees and will be clearly indicated to customers at the point of making a transaction. They also reiterated that electronic transfers below ₦10,000 will not attract the stamp duty charge.
