Financial institutions will begin charging senders a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of provisions of the Tax Act.
This was disclosed in notices sent by Nigerian banks to their customers ahead of the commencement of the policy.
The stamp duty, also known as the Electronic Money Transfer Levy (EMTL), is a single, one-off charge of ₦50 on electronic receipts or transfers of money deposited in any commercial bank or financial institution, on transactions valued at ₦10,000 and above.
In an email sent to customers on Tuesday, United Bank for Africa (UBA) informed customers that the ₦50 EMTL on transfers will 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 bank said. “Salary payments and intra-bank self-transfers are exempt from stamp duty. The sender now bears the stamp duty charge. Previously, this charge was deducted from the beneficiary or receiver.”
A similar notice was also issued by Access Bank to its customers.
The banks clarified that the stamp duty charge is separate from regular bank transfer fees and will be clearly disclosed to customers at the point of transaction.
They also stated that transfers below ₦10,000 are exempt from the charge, while salary payments and intra-bank transfers—transactions between accounts within the same bank—will not attract the ₦50 levy.
The development replaces the previous percentage-based charges, which often created uncertainty around the total cost of documentation. According to the banks, the adjustment is intended to simplify compliance and make stamp duty charges clearer and more predictable for individuals and businesses.
Before the new policy, electronic transfers of ₦10,000 and above already attracted a ₦50 EMTL, but the charge was usually deducted from the receiver’s account.
Meanwhile, President Bola Tinubu has reiterated that the implementation of the new tax laws will commence on January 1, 2026, as scheduled, despite criticisms from opposition parties and pressure groups.
In a statement on Tuesday, the President said the tax laws were not introduced to increase taxes, but to support a structural reset, promote harmonisation and strengthen 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 the country, and called on Nigerians to support the implementation of the laws as they take effect in the coming days.
