Commercial banks in Nigeria will begin charging a N50 stamp duty on electronic transfers of N10,000 and above starting January 1, 2026, in line with the newly enacted Tax Act.
Banks
The Electronic Money Transfer Levy (EMTL), now rebranded as stamp duty, applies as a one-off fee on any electronic receipt or transfer into accounts at commercial banks or financial institutions for amounts reaching or exceeding N10,000—or its equivalent in other currencies.
United Bank for Africa (UBA) notified customers via email on Tuesday, confirming the shift where senders, rather than recipients, will now bear the charge. Salary payments and intra-bank self-transfers remain exempt.
“Stamp Duty applies to transactions of N10,000 and above,” the email stated, emphasising transparency in the change from previous deductions borne by beneficiaries.
This levy forms part of broader tax reforms pushed by President Bola Tinubu’s administration, aimed at fiscal restructuring despite public pushback.
UBA reaffirmed its commitment to keeping customers informed amid evolving banking regulations.
