Starting January 1, 2026, banks across 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 fee, previously called the Electronic Money Transfer Levy (EMTL), will now be referred to as stamp duty across all financial institutions.
In a Tuesday email to customers, United Bank for Africa (UBA) clarified that the charge will now be borne by the sender, unlike before when it was deducted from the recipient. The bank noted that salary payments and intra-bank self-transfers are exempt from the levy. UBA assured customers of its commitment to transparency and keeping them informed of changes that may affect banking transactions.
The N50 stamp duty is a one-off charge applied to any electronic receipt or transfer of N10,000 or more in any commercial bank or financial institution, including both personal and business accounts. The policy aligns with regulations from the Federal Inland Revenue Service (FIRS), which fintechs had announced compliance with as early as September 2024.
This development is part of broader tax reforms aimed at enhancing revenue collection and formalising electronic financial transactions in Nigeria. Customers are advised to factor in the stamp duty for transfers above the N10,000 threshold from the new year onward.
