Following the implementation of the new Tax Act, banks across Nigeria go begin charge customers N50 stamp duty on electronic transfers of N10,000 and above, starting from January 1, 2026.
The charge, wey dem also call Electronic Money Transfer Levy (EMTL), na one-time payment of N50 on any electronic receipt or transfer of money wey enter or comot from any commercial bank or financial institution account, once the amount reach N10,000 or more.
United Bank for Africa (UBA), for email wey dem send to customers on Tuesday, explain say the N50 EMTL on transfers go now dey officially referred to as stamp duty across all financial institutions.
According to the bank, “Stamp Duty go apply to all transactions of N10,000 and above, or the equivalent in other currencies.” UBA also clarify say salary payments and self-transfers within the same bank (intra-bank self-transfers) no go attract stamp duty.
The bank further explain say under the new arrangement, na the sender go bear the N50 stamp duty charge. Before now, dem dey deduct the fee from the beneficiary or receiver of the money.
UBA reassure customers say the bank remain committed to transparency and go continue to inform dem about any changes wey fit affect their banking transactions.
It go be recalled say on September 7, 2024, Nigerian financial technology (fintech) companies also announce plans to introduce the same N50 stamp duty on transactions of N10,000 and above.
According to the fintech firms, the charge na in line with Federal Inland Revenue Service (FIRS) regulations and go apply to electronic transfers into both personal and business accounts.
With the new policy set to take effect in 2026, customers dey advised to take note of the extra charge when making bank transfers of N10,000 and above.
