Nigerian banks will begin deducting a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, in line with provisions of the Tax Act.
The charge, formally known as the Electronic Money Transfer Levy (EMTL), is a flat N50 fee imposed on electronic receipts or transfers into accounts held with commercial banks and other financial institutions once the transaction value meets or exceeds N10,000.
United Bank for Africa (UBA) confirmed the development in a notice to customers on Tuesday, stating that the EMTL will now be uniformly described as “stamp duty” across the banking industry.
According to the bank, the levy applies to all eligible transactions conducted in naira or their foreign currency equivalents. However, exemptions remain in place for certain transfers, including salary payments and self-transfers within the same bank.
UBA also highlighted a key adjustment in the application of the charge, noting that the N50 stamp duty will now be paid by the sender of funds, rather than the recipient, as was previously the case.
The bank assured customers of its commitment to transparency and said it would continue to provide updates on regulatory changes that affect banking transactions.
The development follows earlier disclosures by Nigerian financial technology firms, which announced on September 7, 2024, that they would also begin applying the N50 stamp duty on electronic transfers of N10,000 and above. The fintech companies said the charge is in line with directives from the Federal Inland Revenue Service (FIRS) and applies to transfers into both personal and business accounts.
