Banks in Nigeria will begin charging customers a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, as part of the implementation of the new Tax Act.
The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-time ₦50 fee applied to electronic receipts or transfers of funds deposited in commercial banks or other financial institutions. It applies to all account types whenever the transaction value is ₦10,000 or more.
United Bank for Africa (UBA) disclosed the development in an email sent to its customers on Tuesday, explaining that the EMTL will now be uniformly described 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 in the notice.
UBA further clarified that, under the new arrangement, the responsibility for paying the ₦50 stamp duty has shifted to the sender of the funds. This marks a change from the previous system, where the charge was deducted from the beneficiary or receiver of the transfer.
The bank also outlined exemptions under the policy, noting that salary payments and intra-bank self-transfers will not attract the stamp duty charge.
According to UBA, the update is in line with regulatory directives under the new tax regime, adding that the bank remains committed to keeping customers informed about changes affecting their transactions.
“We remain committed to transparency and to keeping our customers informed about changes that may impact their banking experience,” the bank said.
The reclassification and enforcement of the ₦50 stamp duty is expected to take effect across the Nigerian banking system from January 1, 2026.
