Banks across the country will, from January 1, 2026, begin charging senders a N50 stamp duty on electronic transfers of N10,000 and above, following the implementation of the Tax Act.
The charge, known as the stamp duty or Electronic Money Transfer Levy (EMTL), is a single, one-off deduction of N50 applied to the electronic receipt or transfer of money deposited in any commercial bank or financial institution, on any type of account, on transactions from N10,000 and above.
In an email sent to customers on Tuesday, the United Bank for Africa (UBA) announced that the N50 EMTL on transfers will 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 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 added that it remains committed to transparency and to keeping its customers informed about policy changes that may affect their banking transactions.
On September 7, 2024, Nigerian financial technology companies (fintechs) had earlier announced plans to introduce a N50 stamp duty fee on transfers of N10,000 and above.
According to the fintech firms, the move was in line with regulations issued by the Federal Inland Revenue Service (FIRS), noting that the fee would be applied to electronic transfers into both personal and business accounts.
