Nigerian banks will begin charging senders a ₦50 stamp duty on electronic transfers of ₦10,000 and above starting January 1, 2026, in line with the implementation of the Tax Act.
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, across all account types, for transactions of ₦10,000 and above.
In an email to customers on Tuesday, United Bank for Africa (UBA) announced that the ₦50 EMTL will now be uniformly 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 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.”
UBA emphasized its commitment to transparency and assured customers of timely communication on changes that affect banking transactions.
The development follows an earlier announcement on September 7, 2024, when Nigerian financial technology firms revealed plans to introduce a ₦50 stamp duty on transactions of ₦10,000 and above.
The fintechs explained that the decision aligns with Federal Inland Revenue Service (FIRS) regulations and applies to electronic transfers into both personal and business accounts.
