Nigerian banks will begin charging a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of the Tax Act.
The development was disclosed in notices issued by financial institutions to customers ahead of the policy’s commencement.
The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-off ₦50 fee applied to electronic receipts or transfers of funds deposited in any commercial bank or financial institution on transactions of ₦10,000 and above.
In a notice to customers, United Bank for Africa (UBA) said the ₦50 EMTL will now be referred to as stamp duty across all financial institutions.
“Stamp duty applies to transactions of ₦10,000 and above, or the equivalent in other currencies,” the bank stated, adding that salary payments and intra-bank self-transfers are exempt.
UBA also noted that the responsibility for paying the charge has shifted to the sender, unlike previously, when it was deducted from the beneficiary or receiver.
Access Bank issued a similar notice to its customers.
Banks clarified that the ₦50 stamp duty is separate from regular transfer fees and will be clearly disclosed to customers at the point of transaction. Transfers below ₦10,000 remain exempt from the charge.
They also confirmed that salary payments and intra-bank transfers—transactions between accounts within the same bank—will not attract the stamp duty.
The flat-rate charge replaces earlier percentage-based documentation fees, which often created uncertainty around the total cost of transactions. Banks said the change is intended to simplify compliance and make charges more transparent for individuals and businesses.
Before the new policy, electronic transfers of ₦10,000 and above already attracted a ₦50 EMTL, but the levy was typically deducted from the receiver’s account.
Meanwhile, President Bola Tinubu has reaffirmed that the implementation of the new tax laws will proceed as scheduled from January 1, 2026, despite criticisms from opposition and pressure groups.
In a statement, the president said the tax reforms are not designed to increase taxes but to drive structural reset, harmonisation and fairness while strengthening the social contract.
“The new tax laws, including those that took effect on June 26, 2025, and the remaining acts scheduled to commence on January 1, 2026, will continue as planned,” Tinubu said.
He described the reforms as a once-in-a-generation opportunity to build a fair, competitive and robust fiscal foundation for Nigeria, and called for public support as the implementation date approaches.
