Nigerian banks will commence the deduction of a ₦50 stamp duty on electronic transfers of ₦10,000 and above starting January 1, 2026, following the activation of provisions contained in the newly enacted Tax Act.
The charge, also known as the electronic money transfer levy (EMTL), is a flat, one-time ₦50 fee applied to electronic receipts or transfers of funds deposited in any commercial bank or financial institution, across all account types, for amounts of ₦10,000 and above.
In a message sent to customers on Tuesday, United Bank for Africa stated that the ₦50 electronic money transfer levy on transfers will now be uniformly described 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 email reads.
“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.”
The bank said it remains committed to openness and will continue to keep customers informed about changes that could affect their banking activities.
Earlier, on September 7, 2024, Nigerian financial technology companies announced plans to implement a ₦50 stamp duty on transactions of ₦10,000 and above, explaining that the decision aligns with regulations issued by the Federal Inland Revenue Service.
According to the fintech firms, the levy applies to electronic transfers made into both personal and business accounts.
Meanwhile, President Bola Ahmed Tinubu has reaffirmed that the rollout of the new tax laws will begin on January 1 as scheduled, despite objections from opposition groups and civil society organisations.
In a statement, the president explained that the tax reforms are not intended to increase the tax burden, but to encourage structural adjustments, promote harmonisation, uphold dignity, 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,” the president said on Tuesday.
“These reforms are a once-in-a-generation opportunity to build a fair, competitive, and robust fiscal foundation for our country.”
He appealed to Nigerians for cooperation as the implementation date approaches.
