Nigerian banks will begin charging a ₦50 stamp duty on electronic transfers of ₦10,000 and above starting January 1, 2026, following the implementation of the new Tax Act.
The move, which replaces the previous percentage-based electronic money transfer levy (EMTL), is aimed at simplifying compliance and providing greater clarity for customers. Under the new arrangement, the sender of the funds will bear the charge, rather than the recipient as was previously the case.
Transactions below ₦10,000, as well as salary payments and transfers between accounts within the same bank, will be exempt from the stamp duty. Banks, including UBA and Access Bank, have already informed customers of the upcoming change.
President Bola Tinubu has emphasized that the new tax laws, which take effect on January 1, 2026, are not intended to increase taxes but to support a structural reset, promote harmonization, and strengthen the social contract.
The adjustment ensures transparency and predictability for all electronic transactions above ₦10,000, making it easier for individuals and businesses to plan their finances while remaining compliant with the law.
