Banks To Charge N50 Stamp Duty On Transfers Above N10,000 From January 1, 2026
Starting January 1, 2026, banks in Nigeria will begin imposing a N50 stamp duty on electronic transfers of N10,000 and above, following the implementation of the Tax Act. This one-time charge, also referred to as the electronic money transfer levy (EMTL), will apply to deposits or transfers in any commercial bank or financial institution for all account types.
The United Bank for Africa (UBA), in an email to customers on Tuesday, stated that the levy will now be called stamp duty across all banks. The email clarified that the fee applies to transactions of N10,000 or more (or the equivalent in other currencies), while salary payments and intra-bank self-transfers are exempt. Unlike before, the sender will now bear the stamp duty cost, rather than the recipient.
UBA emphasized its commitment to transparency and keeping customers informed of any changes affecting banking transactions. Earlier, on September 7, 2024, Nigerian fintech companies announced plans to implement the N50 stamp duty for transfers of N10,000 and above to align with Federal Inland Revenue Service (FIRS) regulations. The fee will cover electronic transfers into both personal and business accounts.