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electronic transfers

Banks to Charge ₦50 Stamp Duty on Transfers Above ₦10,000 from January 2026

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monetary policies

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 […]

Nigerians to pay new N50 Stamp Duty on Electronic Transfer from January 1

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A new charge structure on electronic transfers is set to take effect on January 1, according to preliminary system adjustments observed across several banking platforms ahead of the new year. The update introduces a ₦50 stamp duty on electronic money transfers above ₦10,000 a government-imposed levy separate from the standard bank transaction fees customers already […]