Starting January 1, 2026, banks in Nigeria will begin charging a N50 stamp duty on electronic money transfers of N10,000 and above, following the implementation of the new Tax Act.
The one-off levy, previously known as the Electronic Money Transfer Levy (EMTL), will now be officially referred to as a stamp duty across all financial institutions. The charge applies to any type of account—personal or business—at commercial banks and financial institutions.
In a recent email to customers, United Bank for Africa (UBA) clarified that “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. The sender will now bear the stamp duty charge, whereas previously, this cost was deducted from the beneficiary.”
UBA assured customers that it remains committed to transparency and keeping them informed of changes that could affect banking transactions.
The move follows an announcement by Nigerian fintech companies on September 7, 2024, who stated their plans to implement the N50 fee in compliance with Federal Inland Revenue Service (FIRS) regulations.
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