Banks will begin charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act.
The charge, also known as the Electronic Money Transfer Levy (EMTL), is a one-off N50 fee applied to electronic transfers or receipts of N10,000 and above into accounts held with commercial banks and other financial institutions.
In an email to customers on Tuesday, United Bank for Africa (UBA) said the N50 EMTL on transfers will now be referred to as stamp duty across all financial institutions.
“Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies),” the bank said.
UBA noted that salary payments and intra-bank self-transfers are exempt from the charge. It also clarified that the sender will now bear the stamp duty, unlike previously when the fee was deducted from the beneficiary or receiver.
The bank said it remains committed to transparency and to keeping customers informed about changes that may affect their banking transactions.
On September 7, 2024, Nigerian financial technology companies had announced plans to introduce the N50 stamp duty on transactions of N10,000 and above, in compliance with Federal Inland Revenue Service (FIRS) regulations.
The fintech firms said the charge would apply to electronic transfers into both personal and business accounts.
