Banks will begin deducting a N50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, in line with the implementation of the Tax Act.
The charge, previously known as the Electronic Money Transfer Levy (EMTL), is a one-time ₦50 fee applied to electronic receipts or transfers involving funds held in commercial banks or other financial institutions. It covers all account types and applies to transactions of ₦10,000 and above.
In a customer email issued on Tuesday, United Bank for Africa (UBA) clarified that the ₦50 EMTL on qualifying transfers will henceforth be described as stamp duty across all financial institutions.
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“Please note the following: Stamp Duty applies to transactions of ₦10,000 and above (or the equivalent in other currencies),” the email reads.
“Salary payments and Intra-bank self-transfers are exempt from stamp duty.
“The Sender now bears the Stamp Duty charge. Previously, this charge was deducted from the Beneficiary/ Receiver.”
The bank reaffirmed its commitment to transparency, assuring customers that it will continue to provide timely updates on any developments that could impact their banking activities.
Meanwhile, on September 7, 2024, Nigerian financial technology companies disclosed plans to begin charging a ₦50 stamp duty on transactions of ₦10,000 and above.
The fintech firms explained that the decision aligns with Federal Inland Revenue Service (FIRS) regulations, adding that the charge will apply to electronic transfers into both personal and business accounts.
