Stamp duty charge on electronic transfers takes effect January 1, 2026, as banks across Nigeria prepare to deduct N50 from senders on transfers of N10,000 or more. The levy, officially called the Electronic Money Transfer Levy (EMTL), applies to both personal and business accounts across commercial banks and other financial institutions.
United Bank for Africa (UBA) confirmed the update in an email to customers, stating that the EMTL will now be referred to as stamp duty across all financial institutions. The bank clarified that salary payments and intra-bank self-transfers are exempt from the charge.
A major change under the new rule is who bears the cost. The sender will now pay the N50 stamp duty, whereas previously, the fee was deducted from the recipient’s account. UBA said the adjustment aligns with regulations under the Tax Act and reaffirmed its commitment to keeping customers informed about transaction-related changes.
The development follows announcements in September 2024 by Nigerian fintech firms, who also planned to implement the N50 stamp duty on qualifying transfers. The fintechs noted that the move complies with Federal Inland Revenue Service (FIRS) regulations and applies to transfers into both personal and corporate accounts.
As the stamp duty charge takes effect in 2026, Nigerians are advised to factor the N50 fee into electronic transfers, particularly for frequent or large-value payments.
