Banks to Charge N50 Stamp Duty on Transfers of N10,000 and Above from January 2026

Banks to Charge N50 Stamp Duty on Transfers of N10,000 and Above from January 2026

Following the implementation of the Tax Act, commercial banks in Nigeria will begin charging senders a N50 stamp duty on electronic transfers of N10,000 and above starting from January 1, 2026.

The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-off N50 fee imposed on electronic receipts or transfers of funds deposited in any commercial bank or financial institution, across all account types, where the transaction value is N10,000 or more.

In a customer notification issued on Tuesday, United Bank for Africa (UBA) informed customers that the N50 EMTL will henceforth be referred to as stamp duty across all financial institutions.

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“Please note the following: Stamp Duty applies to transactions of N10,000 and above, or the equivalent in other currencies,” the bank stated in the email. UBA clarified that salary payments and intra-bank self-transfers remain exempt from stamp duty.

The bank also noted a key change in responsibility for the charge, explaining that the sender will now bear the stamp duty cost, unlike previously when the fee was deducted from the beneficiary or receiver of the funds.

UBA reaffirmed its commitment to transparency, assuring customers that it will continue to provide timely updates on changes that may affect their banking transactions.

It will be recalled that on September 7, 2024, Nigerian financial technology (fintech) firms announced plans to introduce the N50 stamp duty fee on electronic transfers of N10,000 and above, in line with Federal Inland Revenue Service (FIRS) regulations. The fintech companies explained that the levy applies to electronic transfers into both personal and business accounts nationwide.

Banks to Charge N50 Stamp Duty on Transfers of N10,000 and Above from January 2026