Nigerians will start paying a N50 stamp duty on all bank related electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act.
The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of N10,000 and above.
Before the new policy, electronic transfers of N10,000 and above attracted a N50 EMTL, but the charge was typically deducted from the receiver’s account.
This was disclosed in notices sent by a series of Nigerian banks to their customers ahead of the policy’s implementation seen by Business Post.
In an email sent to customers on Tuesday, the United Bank for Africa (UBA) said the N50 EMTL on transfers would now be referred to as stamp duty across all financial institutions.
“Please note the following: Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies),” the email reads. 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.”
Also Access Bank customers received the same notice.
Banks clarified that this charge is separate from regular bank transfer fees and will be clearly disclosed to customers at the point of transaction.
The notice also stated that transfers below N10,000 are exempt from the stamp duty.
In addition, salary payments and intra-bank transfers—transactions between accounts within the same bank—will not attract the N50 charge.
This replaces the previous percentage-based charges, which often created uncertainty around the total cost of documentation.
Banks say the adjustment is aimed at simplifying compliance and making stamp duty charges easier for individuals and businesses to understand upfront.
President Bola Tinubu on Sunday insisted that the implementation of the new tax laws will commence on January 1 as planned, despite criticisms from opposition and pressure groups.
In a statement, President Tinubu said the tax laws are not designed to raise taxes, but rather to support a structural reset, drive harmonisation, and protect dignity while strengthening the social contract.
“The new tax laws, including those that took effect on June 26, 2025, and the remaining acts scheduled to commence on January 1, 2026, will continue as planned,” the president said on Tuesday.