With effect from Thursday, January 1st, 2026, banks and fintechs will charge N50 per electronic transfer from N10,000.00. This is a stamp duty or electronic money transfer levy.
This is part of the implementation of the Nigeria Tax Act 2025, which will take full effect from the new year of 2026.
This was confirmed through messages to customers of financial institutions, including Palmpay, United Bank of Africa, and Sterling Bank.
According to the financial institutions and banks, “All electronic transactions of N10,000 and above from the accounts of customers will attract a N50 stamp duty charge.”
Customers will no longer be charged stamp duty when they receive N10,000 and above. Providing further updates, the banks stated that the charge remains a one-off N50 per qualifying transaction.
For transactions in foreign currencies, the N50 stamp duty will be applied to the Naira equivalent of N10,000 based on the exchange rate determined by the Central Bank of Nigeria (CBN).
This news article highlights key regulatory activities in the Nigerian financial sector covering banking, insurance, pension, the capital market, finance and revenue and financial reporting.
Under the Nigeria Tax Act, the N50 “Electronic Money Transfer Levy (EMTL)” on money transfers will now be referred to as Stamp Duty across all financial institutions.
