Banks across Nigeria will begin charging customers a ₦50 stamp duty on electronic transfers of ₦10,000 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 one-off ₦50 fee applied to electronic receipts or transfers of funds deposited in any commercial bank or financial institution, regardless of account type, once the transaction value is ₦10,000 or more.

In an email notification sent to customers on Tuesday, United Bank for Africa (UBA) disclosed that the ₦50 EMTL will now be referred to as stamp duty across all financial institutions.

“Please note the following: Stamp Duty applies to transactions of ₦10,000 and above (or the equivalent in other currencies),” the bank stated.

UBA clarified that salary payments and intra-bank self-transfers are exempt from the charge. It also noted a significant change in responsibility for the levy, explaining that the sender of the funds will now bear the stamp duty cost, whereas it was previously deducted from the beneficiary or receiver.

The bank reaffirmed its commitment to transparency and keeping customers informed of changes that may affect their banking transactions.

The development follows an announcement on September 7, 2024, when Nigerian financial technology companies (fintechs) disclosed plans to introduce the ₦50 stamp duty on transfers of ₦10,000 and above.

According to the fintech firms, the charge is in compliance with regulations issued by the Federal Inland Revenue Service (FIRS) and applies to electronic transfers into both personal and business accounts.