Following the implementation of the Tax Act, banks will begin charging a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026.
The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a single, one-off ₦50 fee applied to electronic receipts or transfers of funds deposited in any commercial bank or financial institution, on all account types, where the transaction value is ₦10,000 or more.
In an email sent to customers on Tuesday, United Bank for Africa (UBA) disclosed that the ₦50 EMTL will now be referred to as stamp duty across all financial institutions.
“Please note the following: Stamp Duty applies to transactions of ₦10,000 and above (or the equivalent in other currencies),” the email read.
UBA clarified that salary payments and intra-bank self-transfers are exempt from the charge. It also noted a key change in responsibility for the levy, stating that the sender will now bear the stamp duty, whereas it was previously deducted from the beneficiary/receiver.
The bank added that it remains committed to transparency and will continue to keep customers informed of changes affecting their banking transactions.
It will be recalled that on September 7, 2024, Nigerian financial technology (fintech) firms announced plans to introduce the same ₦50 stamp duty on transactions of ₦10,000 and above, explaining that the move was in line with Federal Inland Revenue Service (FIRS) regulations. They said the fee would apply to electronic transfers into both personal and business accounts.