Banks to charge ₦50 stamp duty on transfers above ₦10,000 from January 1

Starting January 1, 2026, Nigerian banks will begin charging a ₦50 stamp duty on electronic money transfers of ₦10,000 and above.

This change follows the activation of parts of the newly enacted Tax Act, which reclassifies the existing levy on electronic transfers as a formal stamp duty.

Several commercial banks have already informed their customers about the update ahead of its implementation.

The fee used to be known as the Electronic Money Transfer Levy (EMTL), but under the new system it will be applied as a flat, one-off charge of ₦50 on qualifying transfers.

According to notices sent to account holders, the stamp duty will apply only to transfers of ₦10,000 or more.

Transactions below that amount will not attract the charge.

Banks also said that salary payments and intra-bank transfers (moves between accounts held by the same person within the same bank) are exempt.

Under the new arrangement, the sender of the money will be responsible for paying the ₦50 stamp duty, whereas previously the amount was usually deducted from the recipient’s account.

Banks say the revised approach aims to make charges more transparent and easier for customers and businesses to understand.

President Bola Tinubu has confirmed that the implementation of the new tax laws, including this stamp duty provision, will proceed as planned, despite criticism from some groups.