BANKS TO EFFECT ₦50 STAMP DUTY ON TRANSFERS ABOVE ₦10K FROM JANUARY 1
Financial institutions will start charging senders a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of the Tax Act.
This was disclosed in notices sent by Nigerian banks to their customers ahead of the policy’s implementation.
The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of ₦50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of ₦10,000 and above.
Banks clarified that this charge is separate from regular bank transfer fees and will be clearly disclosed to customers at the point of transaction.
The notice also stated that transfers below ₦10,000 are exempted from the stamp duty.
In addition, salary payments and intra-bank transfers transactions between accounts within the same bank will not attract the ₦50 charge.
This replaces the previous percentage-based charges, which often created uncertainty around the total cost of documentation.
