Banks to Charge N50 Stamp Duty on Transfers Above N10,000 from January 1

Following the implementation of the Tax Act, banks in Nigeria will begin levying a N50 stamp duty on electronic transfers of N10,000 and above starting January 1, 2026.

The charge, also known as the electronic money transfer levy (EMTL), is a one-time fee applied to any electronic transfer or receipt of funds in commercial banks or financial institutions on sums of N10,000 and above, regardless of account type.

In a notification to customers on Tuesday, United Bank for Africa (UBA) stated that the N50 electronic money transfer levy will now be referred to as stamp duty across all financial institutions.

The email read in part:
“Please note the following: 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.”

UBA emphasized its commitment to transparency and keeping customers informed of changes affecting banking transactions.

The levy had previously been announced by Nigerian financial technology firms (fintechs) on September 7, 2024, noting that the N50 stamp duty would be applied to electronic transfers into both personal and business accounts, in compliance with Federal Inland Revenue Service (FIRS) regulations.

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