Banks across Nigeria will begin charging a ₦50 stamp duty on electronic transfers of ₦10,000 and above starting January 1, 2026, following the implementation of the Tax Act.
The levy, officially known as the Electronic Money Transfer Levy, EMTL, is a one-time charge of ₦50 applied to electronic transfers or receipts of funds into accounts held with commercial banks and other financial institutions, once the transaction meets or exceeds the ₦10,000 threshold.
In a message sent to customers on Tuesday, United Bank for Africa, UBA, explained that the EMTL will now be uniformly described as stamp duty across all financial institutions.
The bank noted that the charge will apply to transfers of ₦10,000 and above, or their equivalent in foreign currencies.
UBA also clarified that salary payments and self-transfers within the same bank remain exempt.
Another key change is that the sender of the funds will now pay the stamp duty, unlike the previous arrangement where the charge was deducted from the recipient.
The bank assured customers of its commitment to transparency and timely communication on policy changes affecting their accounts.
It will be recalled that in September 2024, Nigerian financial technology companies disclosed plans to enforce the ₦50 stamp duty on qualifying transactions, in line with directives from the Federal Inland Revenue Service, FIRS.
The levy, they said, applies to electronic transfers into both personal and business accounts