Nigerian banks will commence the deduction of a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of provisions of the newly enacted Tax Act.
Several commercial banks have already notified customers of the development ahead of the effective date. Under the new framework, the charge, previously referred to as the Electronic Money Transfer Levy, is now formally classified as stamp duty and applied as a flat ₦50 fee on qualifying electronic transactions.
In a notice issued to its customers, United Bank for Africa said the Tax Act would take effect nationwide from January 1, adding that the stamp duty would be applied uniformly across all financial institutions. The bank clarified that transfers below ₦10,000 remain exempt.
UBA stated, “Stamp Duty applies to transactions of ₦10,000 and above or the equivalent in other currencies. Salary payments and intra bank self transfers are exempt from stamp duty. The sender now bears the stamp duty charge. Previously, this charge was deducted from the beneficiary or receiver.”
Access Bank also sent a similar notification to its customers, confirming the ₦50 charge and outlining the exemptions.
Before now, electronic transfers of ₦10,000 and above already attracted a ₦50 levy, but the deduction was usually made from the beneficiary’s account, a practice that often generated complaints from customers. Banks said the revised arrangement is aimed at improving transparency and simplifying compliance for individuals and businesses.
The development comes as Tinubu reaffirmed that the implementation of the new tax laws would proceed as scheduled from January 1, despite objections from opposition groups and civil society organisations.
According to the President, the reforms are intended to overhaul Nigeria’s tax system rather than impose additional burdens on citizens.
