Starting January 1, 2026, banks will charge a N50 stamp duty on electronic transfers of N10,000 and above, as part of the new Tax Act.
The stamp duty, also called the electronic money transfer levy (EMTL), is a single fee of N50 that applies to electronic transfers or deposits of N10,000 and more in any commercial bank or financial institution, regardless of the account type.
In an email sent to customers on Tuesday, United Bank for Africa (UBA) stated that the N50 electronic money transfer levy will now be called stamp duty across all financial institutions.
The email said,
“Please note the following: Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies).”
It also added, “Salary payments and transfers within the same bank are not subject to stamp duty.”
“Previously, the stamp duty was taken from the recipient, but now it will be charged to the sender,” the email explained.
The bank said it wants to be clear and keep customers updated about any changes that might affect their banking.
On September 7, 2024, Nigerian fintech companies announced they would charge a N50 stamp duty on transactions of N10,000 and above.
The fintechs said this is in line with Federal Inland Revenue Service (FIRS) rules, and the fee will apply to electronic transfers into both personal and business accounts.