Nigerian Banks to Charge N50 Stamp Duty on Transfers

Nigerian Banks will begin charging senders a N50 stamp duty on electronic transfers of N10,000 or more from January 1, 2026, in line with the implementation of the Tax Act.

The charge, known as the Electronic Money Transfer Levy (EMTL), is a single N50 fee applied to electronic receipts or transfers of funds deposited in any commercial bank or financial institution once the transaction amount is N10,000 or more.

In a notice to customers on Tuesday, United Bank for Africa (UBA) said the N50 EMTL will now be referred to as stamp duty across all financial institutions.

The bank said the charge applies to transfers of N10,000 and above, or the equivalent in other currencies.

“Please note the following: Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies),” the email reads.

According to the notice, salary payments and intra-bank self-transfers are exempt from the stamp duty.

The bank also stated that the sender will now bear the charge, rather than the beneficiary, as was previously the case.

“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,” it added.

UBA said the update was issued to inform customers about changes affecting electronic banking transactions.

The update follows an announcement by Nigerian financial technology companies on September 7, 2024, that a N50 stamp duty would be applied to electronic transactions of N10,000 or more.

“Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations,” the statement reads.

Fidelity Bank also announced that, from January 1, 2026, it will not restrict accounts not linked to a Tax Identification Number, citing provisions of the Nigerian Tax Administration Act (NTAA) 2025 in a notification sent to customers.