Banks to Charge ₦50 Stamp Duty on Transfers Above ₦10,000 from January 2026
Banks will begin charging senders a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of the Tax Act.
The stamp duty, previously known as the Electronic Money Transfer Levy (EMTL), is a flat ₦50 charge applied to electronic transfers or receipts of money deposited in commercial banks and other financial institutions.
In an email sent to customers on Tuesday, United Bank for Africa (UBA) said the ₦50 EMTL would now be referred to as stamp duty across all financial institutions.
“Please note the following: Stamp Duty applies to transactions of ₦10,000 and above (or the equivalent in other currencies),” the email read.
UBA clarified that some transactions would remain exempt from the charge.
“Salary payments and intra-bank self-transfers are exempt from stamp duty,” the bank said.
It also highlighted a key change under the new regime.
“The sender now bears the stamp duty charge. Previously, this charge was deducted from the beneficiary/receiver,” the email added.
The bank said it remained committed to transparency and keeping customers informed about changes affecting their banking transactions.
The development follows an earlier announcement by Nigerian financial technology firms. On September 7, 2024, fintech companies disclosed plans to introduce a ₦50 stamp duty fee on transactions of ₦10,000 and above.
The fintechs said the move was in line with Federal Inland Revenue Service (FIRS) regulations, noting that the fee would apply to electronic transfers into both personal and business accounts.
