Banks across Nigeria will begin charging a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act.
The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a single, one-off fee of N50 applied to electronic transfers or receipts of funds deposited in any commercial bank or financial institution for transactions of N10,000 and above.
United Bank for Africa (UBA) disclosed the development in an email sent to its customers on Tuesday, noting that the EMTL will now be referred to as stamp duty across all financial institutions.
“Stamp duty applies to transactions of N10,000 and above or the equivalent in other currencies,” the bank stated. UBA added that salary payments and intra-bank self-transfers are exempt from the charge.
The bank also clarified that the stamp duty will now be borne by the sender of the funds, instead of the beneficiary or receiver, as was previously the case.
UBA said it remains committed to transparency and to keeping customers informed of changes that may affect their banking transactions.
It will be recalled that on September 7, 2024, Nigerian financial technology companies announced plans to introduce a N50 stamp duty on electronic transactions of N10,000 and above, in line with regulations issued by the Federal Inland Revenue Service (FIRS).
According to the fintech firms, the charge applies to electronic transfers into both personal and business accounts.
