Starting January 1, 2026, Nigerian banks will deduct a ₦50 stamp duty on all electronic transfers of ₦10,000 and above, following the commencement of the newly enacted Tax Act.
Several commercial banks have notified their customers about the change, clarifying that the levy, formerly called the Electronic Money Transfer (EMT) levy, will now be officially classified as stamp duty. Unlike before, the sender of funds will bear the charge instead of the beneficiary.
United Bank for Africa (UBA) explained in a notice to its account holders that the fee applies to transactions of ₦10,000 or more, while transfers below the threshold remain exempt.
The bank also confirmed that salary payments and intra-bank self-transfers are not subject to the stamp duty.
Access Bank issued a similar notification, confirming the exemptions and the shift of responsibility to the sender. Banks said the revised framework is intended to simplify compliance, improve transparency, and make charges more predictable for individuals and businesses.
President Bola Tinubu recently reaffirmed that the new tax laws would be implemented as scheduled from January 1, stressing that the reforms aim to overhaul Nigeria’s tax system rather than impose additional burdens on citizens.