Banks To Effect ₦50 Stamp Duty On Transfers Above ₦10k From January 1

Financial institutions will start charging senders a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of the Tax Act.

This was disclosed in notices sent by Nigerian banks to their customers ahead of the policy’s implementation.

The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of ₦50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of ₦10,000 and above.

In an email sent to customers on Tuesday, the United Bank for Africa (UBA) said the ₦50 EMTL on transfers will 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.”

A similar notice was also sent by Access Bank to customers.

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 ₦10,000 are exempt from the stamp duty.