Financial institutions will begin charging senders a ₦50 stamp duty on electronic transfers of ₦10,000 and above from 1 January 2026, following the implementation of the Tax Act.
This was disclosed in notices issued by Nigerian banks to customers ahead of the policy’s commencement.
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 any type of account, for transactions of ₦10,000 and above.
In an email sent to customers on Tuesday, United Bank for Africa (UBA) informed customers that 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 N10,000 and above (or the equivalent in other currencies),” the email stated.
“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/Receiver.”
A similar notification was also issued by Access Bank to its customers.
The banks clarified that the stamp duty is separate from regular bank transfer fees and will be clearly disclosed at the point of transaction.
They further stated that transfers below ₦10,000 are exempt from the charge. In addition, salary payments and intra-bank transfers—transactions between accounts within the same bank—will not attract the ₦50 stamp duty.
The new arrangement replaces earlier practices that often created uncertainty around transaction costs. Prior to the policy change, electronic transfers of ₦10,000 and above attracted a ₦50 EMTL, but the charge was typically deducted from the receiver’s account rather than the sender’s.
