Banks to impose ₦50 stamp duty on transfers of ₦10,000 and above from January 2026
Banks across Nigeria will begin charging a ₦50 stamp duty on electronic transfers of ₦10,000 and above starting January 1, 2026, following the implementation of the Tax Act.
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, regardless of the type of account, once the transaction meets or exceeds the ₦10,000 threshold.
United Bank for Africa (UBA) informed its customers of the development in an email sent on Tuesday, explaining that the ₦50 EMTL on transfers will now be uniformly referred to as stamp duty across all financial institutions.
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According to the bank, stamp duty will apply to transactions of ₦10,000 and above, or their equivalent in other currencies. However, salary payments and intra-bank self-transfers are exempt from the charge. UBA also clarified that the responsibility for paying the stamp duty will now rest with the sender, a shift from the previous arrangement where the fee was deducted from the beneficiary or receiver.
The bank assured customers of its commitment to transparency and pledged to continue keeping them informed about changes affecting their banking activities.
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The development follows earlier announcements by Nigerian financial technology companies on September 7, 2024, indicating plans to introduce a ₦50 stamp duty on transfers of ₦10,000 and above in compliance with regulations issued by the Federal Inland Revenue Service (FIRS). The fintech firms noted that the levy would apply to electronic transfers into both personal and business accounts.
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