Effective January 1, 2026, any Nigerian who electronically transfers the sum of N10,000 from their bank account will be charged a stamp duty of N50.
The N50 stamp duty charge is in line with the provisions of the newly enacted Tax Act.
Under the arrangement, the charge, previously known as the Electronic Money Transfer Levy, will now be formally classified as stamp duty and applied as a one-off N50 fee on qualifying electronic transfers.
In a notice to customers on Tuesday, the United Bank for Africa informed account holders that the new Tax Act would take effect from January 1, 2026, and that the charge would apply uniformly across financial institutions.
The bank clarified that transfers of N10,000 and above would attract the stamp duty, while transactions below the threshold would remain exempt.
“Stamp Duty applies to transactions of ₦10,000 and above (or the equivalent in other currencies). Salary payments and Intra-bank self-transfers are exempt from stamp duty.
“The Sender now bears the Stamp Duty charge. Previously, this charge was deducted from the Beneficiary/ Receiver,” the bank said.
Similarly, in a notification to its customers, Access Bank also confirmed the changes and exemptions.
Before now, electronic transfers of N10,000 and above attracted a N50 levy known as the Electronic Money Transfer Levy, but the deduction was typically made from the beneficiary’s account, a practice that often drew complaints from customers.
Banks say the revised framework is intended to simplify compliance and make the charges more transparent for individuals and businesses.
