Banks will now charge a ₦50 stamp duty on electronic transfers of ₦10,000 and above, following the implementation of Nigeria’s new tax law. The fee will be paid by the sender, with certain transactions exempted.
Nigerian banks will start applying a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, in line with the provisions of the newly implemented Tax Act. Several commercial banks have already notified their customers ahead of the commencement date.
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The ₦50 charge, which was previously referred to as the Electronic Money Transfer Levy, has now been officially redesignated as stamp duty. It will be charged as a single, flat fee on eligible electronic transfers across all banks.
Banks clarified that only transfers of ₦10,000 and above will attract the stamp duty, while transactions below this amount will remain exempt. Salary payments and self-transfers within the same bank are also excluded from the charge.
Under the new framework, the sender of the funds will now bear the stamp duty cost.
This marks a shift from the previous practice where the charge was deducted from the recipient’s account, a situation that had often led to customer complaints.
Financial institutions explained that the change is aimed at improving transparency and ensuring uniform compliance across the banking system.
The policy is part of broader tax reforms scheduled to take effect nationwide from January 1, as reaffirmed by the Federal Government.