Banks to charge N50 stamp duty on transfers above N10,000 from January

Banks will begin charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act.

The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-time N50 fee applied to electronic transfers or receipts of funds deposited in any commercial bank or financial institution for transactions of N10,000 and above.

In an email to customers on Tuesday, United Bank for Africa (UBA) said the EMTL will now be referred to as stamp duty across all financial institutions.

“Stamp Duty applies to transactions of ₦10,000 and above (or the equivalent in other currencies),” the bank said.

UBA added that salary payments and intra-bank self-transfers are exempt from the charge. It also noted a key change in how the levy is applied: the sender will now pay the stamp duty, rather than the beneficiary or receiver, as was previously the case.

The bank said it remains committed to transparency and will continue to inform customers of changes affecting their transactions.

In September 2024, Nigerian financial technology companies announced plans to introduce the same N50 stamp duty on transactions of N10,000 and above. The firms said the move was in line with regulations issued by the Federal Inland Revenue Service (FIRS) and would apply to electronic transfers into both personal and business accounts.