Nigerian commercial banks will begin deducting a ₦50 stamp duty charge from senders on electronic transfers of ₦10,000 and above starting January 1, 2026, as part of the new Tax Act implementation.
Okay News reports that major institutions, including United Bank for Africa (UBA) and Access Bank, have notified customers of the change via emails and notices.
Previously known as the Electronic Money Transfer Levy (EMTL), the fixed ₦50 fee will now be explicitly labelled as stamp duty across all financial institutions.
The charge applies to any electronic receipt or transfer into deposit accounts, but exemptions include salary payments and intra-bank transfers between accounts held in the same bank.
Transactions below ₦10,000 remain fully exempt from the duty.
A key shift is that the sender will now bear the cost, unlike the prior practice where it was deducted from the recipient’s account.
Banks emphasised that this stamp duty is separate from standard transfer fees and will be transparently displayed during transactions.
The fixed-rate structure replaces earlier percentage-based charges, aiming to provide clarity and simplify compliance for customers.
This development aligns with broader tax reforms signed into law by President Bola Ahmed Tinubu, some provisions of which commenced in June 2025.
President Tinubu has reaffirmed that the remaining aspects, including this stamp duty adjustment, will proceed as planned despite public debates.
