From January 1, 2026, Nigerian banks will start charging a ₦50 stamp duty on electronic transfers of ₦10,000 and above. The measure follows the new provisions in the recently enacted Tax Act. Several commercial banks informed customers in advance about the change to ensure smooth implementation.
Previously, this charge, known as the Electronic Money Transfer Levy, was deducted from the recipient’s account. Under the new system, the sender will pay the fee directly. Transfers below ₦10,000 will remain exempt. Certain transactions, such as salary payments and transfers within the same bank, will also not attract the stamp duty.
The banks explained that the updated process is meant to make the charge clearer and easier for both individuals and businesses. This revision comes as President Bola Tinubu confirmed that all new tax laws would take effect as scheduled from the start of the year. The reforms aim to restructure Nigeria’s tax system without increasing the burden on citizens.
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