Nigerian banks have notified their customers of the N50 Electronic Money Transfer Levy (EMTL) on the New Tax Act (NTA) 2025 that will take effect on January 1, 2026.
Specifically, United Bank for Africa (UBA) in a notice to customers noted that under this Act, the N50 EMTL on money transfers will now be referred to as Stamp Duty across all Financial Institutions.
According to the lender, the 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 from stamp duty. The Sender now bears the Stamp Duty charge. Previously, this charge was deducted from the Beneficiary/ Receiver. We remain committed to transparency and to keeping you informed about changes that may affect your banking transactions,” UBA stated in its message.
Also, Fidelity Bank Plc announced that it will not restrict accounts not linked to a Tax Identification Number (TIN) from January 1, 2026.
The bank disclosed this in a notification sent to customers, citing provisions of the Nigerian Tax Administration Act (NTAA) 2025.
According to the message, the act mandates that bank accounts must be linked to a TIN, while customers without one must link their NIN.
“The Nigerian Tax Identification Act (NTAA) 2025 stipulates that all bank accounts are required to be linked to a tax ID or National Identity Number—NIN (for customers without a tax ID). This act would come into effect on January 1, 2026.
This implies that accounts without tax ID or national identity number may be restricted from transacting as from January 1, 2026. To ensure your account remains accessible, please update your NIN on your account as soon as possible.
The development follows the federal government’s announcement of a definitive timeline for stricter tax compliance, which will require banks to demand TINs from all taxable Nigerians operating bank accounts beginning in 2026.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, confirmed the regulatory change in a recent interview shared on his X (formerly Twitter) account.
Oyedele explained that the enforcement is anchored on Section 4 of the Nigerian Tax Administration Act, which legally mandates all taxable persons to register and obtain a TIN.
“A taxable person is anyone who earns income through trade, business, or any economic activity. So banks must request a tax ID from taxable persons,” he stated.
He noted that the policy is not entirely new, as it was first introduced under the 2020 Finance Act but has not yet been fully enforced.
According to him, the NTAA now provides the necessary legal framework to ensure comprehensive compliance across the banking sector from 2026.