Nigerian banks will commence the deduction of a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, in line with the implementation of the Tax Act.
The development was communicated to customers through official notices issued by several financial institutions ahead of the policy’s take-off.
The stamp duty, also known as the Electronic Money Transfer Levy (EMTL), is a one-time ₦50 charge applied to electronic receipts or transfers involving sums of ₦10,000 and above deposited in any commercial bank or financial institution, regardless of the type of account.
In an email circulated to its customers on Tuesday, United Bank for Africa (UBA) informed account holders that the ₦50 EMTL on transfers would henceforth be referred to as stamp duty across all banks.
“Please note the following: Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies),” the email stated.
UBA further clarified that salary payments and intra-bank self-transfers are exempt from the charge, adding that the responsibility for paying the levy has shifted.
“The Sender now bears the Stamp Duty charge. Previously, this charge was deducted from the Beneficiary/ Receiver,” the bank said.
Access Bank also issued a similar notification to its customers, confirming the changes in the application of the levy.
Banks explained that the ₦50 stamp duty is separate from standard bank transfer charges and will be transparently displayed to customers at the point of transaction.
They also confirmed that electronic transfers below ₦10,000 will not attract the stamp duty.
Additionally, salary payments and intra-bank transfers—transactions conducted between accounts within the same bank—remain exempt from the ₦50 levy.
The new framework replaces earlier percentage-based charges, which often led to uncertainty over the actual cost of documentation for customers.
According to the banks, the adjustment is intended to simplify compliance and make stamp duty obligations clearer and easier for individuals and businesses to understand in advance.
Under the previous arrangement, electronic transfers of ₦10,000 and above already attracted a ₦50 EMTL, but the amount was usually deducted from the recipient’s account rather than the sender’s.
Meanwhile, President Bola Tinubu has reaffirmed that the implementation of the new tax laws will proceed as scheduled on January 1, despite criticisms from opposition parties and pressure groups.
In a statement, the President maintained that the reforms are not aimed at increasing taxes but at repositioning the country’s fiscal framework.
“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 on Tuesday.
“These reforms are a once-in-a-generation opportunity to build a fair, competitive, and robust fiscal foundation for our country.”
He urged Nigerians to support the reforms as the implementation date draws closer, stressing that the changes are designed to strengthen the social contract and promote long-term economic stability.
