Nigerian banks has began charging senders a flat ₦50 stamp duty on all electronic transfers of ₦10,000 or more, in line with the provisions of the newly enacted Tax Act.
Major financial institutions, including United Bank for Africa (UBA) and Access Bank, have notified customers via email and official statements about the upcoming change. The fee, previously known as the Electronic Money Transfer Levy (EMTL), has been reclassified as stamp duty and will now apply uniformly across the banking sector.
Under the previous system, the ₦50 charge was typically deducted from the recipient’s account. The key reform shifts the responsibility entirely to the sender, making it an additional cost on top of standard bank transfer fees.
The ₦50 stamp duty applies to any electronic transfer or receipt of funds of ₦10,000 and above (or equivalent in other currencies) across all account types. Exemptions remain in place for transactions below ₦10,000, salary payments, and intra-bank self-transfers.
Banks emphasized that this government-mandated stamp duty is separate from regular transaction charges and will be transparently displayed at the point of initiating the transfer.
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This adjustment forms part of broader tax reforms aimed at enhancing revenue collection and aligning digital transaction policies. President Bola Tinubu has reaffirmed the government’s commitment to implementing the changes as scheduled, describing them as essential for building a stronger fiscal foundation.
Customers are advised to review their banking apps and plan accordingly for the new fee structure effective from the new year.
