Banks To Charge N50 Stamp Duty On Transfers Of N10,000 And Above From January 2026
Starting January 1, 2026, banks in Nigeria will begin charging a N50 stamp duty on electronic transfers of N10,000 and above, following the implementation of the new Tax Act.
The stamp duty, also known as the Electronic Money Transfer Levy (EMTL), is a one-off charge applied to any electronic transfer or receipt of money in commercial banks or financial institutions for sums of N10,000 and above, regardless of the type of account.
In a Tuesday email to customers, United Bank for Africa (UBA) clarified that the N50 EMTL will now be officially referred to as stamp duty across all financial institutions.
The email stated: “Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies). Salary payments and intra-bank self-transfers are exempt. The sender will now bear the Stamp Duty charge. Previously, this charge was deducted from the beneficiary/receiver.”
UBA emphasized its commitment to transparency and keeping customers informed about changes affecting banking transactions.
The introduction of the N50 stamp duty was first announced by Nigerian fintech firms on September 7, 2024. According to the fintechs, the move aligns with regulations from the Federal Inland Revenue Service (FIRS) and will apply to electronic transfers into both personal and business accounts.
