Nigerian banks will begin charging a N50 stamp duty on electronic transfers of N10,000 and above starting January 1, 2026, following the implementation of the Tax Act.
The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-off N50 fee applied to electronic receipts or transfers involving deposits in commercial banks or other financial institutions, regardless of account type, once the transaction meets the N10,000 threshold.
In a notification sent to customers on Tuesday, United Bank for Africa (UBA) announced that the N50 EMTL will now be uniformly 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 bank stated in the email.
UBA clarified that salary payments and intra-bank self-transfers remain exempt from the charge. It also noted a key change in responsibility for the levy, stating that senders will now bear the cost, rather than beneficiaries.
“The Sender now bears the Stamp Duty charge. Previously, this charge was deducted from the Beneficiary/ Receiver,” the bank said.
The lender added that it remains committed to transparency and will continue to keep customers informed about policy changes affecting their banking transactions.
The development aligns with earlier disclosures by Nigerian financial technology (fintech) firms, which on September 7, 2024, announced plans to introduce a similar N50 stamp duty charge on qualifying transactions.
According to the fintech operators, the move complies with regulations issued by the Federal Inland Revenue Service (FIRS) and applies to electronic transfers into both personal and business accounts.
