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Nigerian banks will begin charging a ₦50 stamp duty on electronic transfers of ₦10,000 and above starting January 1, 2026, following the commencement of relevant provisions of the newly enacted Tax Act.
Several commercial banks have already notified customers ahead of the policy’s implementation.
What Changes Under the New Policy?
Under the new framework, the charge—previously known as the Electronic Money Transfer Levy (EMTL)—has been formally reclassified as stamp duty. The fee will be applied as a flat, one-off ₦50 charge on all qualifying electronic transfers across the banking system.
In a customer notice issued on Tuesday, United Bank for Africa (UBA) confirmed that the Tax Act would take effect from January 1, 2026, adding that the stamp duty would be applied uniformly by all financial institutions.
Transactions Covered and Exemptions
According to UBA, the stamp duty will apply to:
- Electronic transfers of ₦10,000 and above
- Transactions in naira or the equivalent in foreign currencies
However, the bank clarified that the following transactions are exempt:
- Salary payments
- Intra-bank self-transfers
UBA also highlighted a major change in how the charge is applied:
“The sender now bears the stamp duty charge. Previously, this charge was deducted from the beneficiary or receiver.”
Other Banks Confirm Implementation
Access Bank issued a similar notification to its customers, confirming both the ₦50 charge and the listed exemptions, in line with the new tax law.
Previously, although transfers of ₦10,000 and above already attracted a ₦50 levy, the deduction was typically made from the beneficiary’s account—a practice that often triggered complaints among bank customers.
Banks say the revised arrangement is designed to improve transparency, simplify compliance, and ensure customers clearly understand how and when the charge applies.
Federal Government’s Position
The development comes amid renewed assurances from President Bola Tinubu that the implementation of the new tax laws will proceed as scheduled from January 1, despite objections from opposition parties and civil society organisations.
According to the President, the reforms are intended to modernise and strengthen Nigeria’s tax system, not to increase the financial burden on citizens.
