Banks will commence the deduction of a ₦50 stamp duty on electronic transfers of ₦10,000 and above with effect from Jan. 1, 2026, following the implementation of the Tax Act.
The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a single, one-off ₦50 fee on electronic receipts or transfers of money deposited in any commercial bank or financial institution, regardless of account type, for transactions of ₦10,000 and above.
United Bank for Africa (UBA) disclosed this in an email notification sent to its customers on Tuesday.
According to the bank, the ₦50 EMTL on electronic transfers will now be uniformly referred to as stamp duty across all financial institutions.
“Please note the following: Stamp Duty applies to transactions of ₦10,000 and above (or the equivalent in other currencies),” the email stated.
It added that salary payments and intra-bank self-transfers are exempt from the stamp duty charge.
“The sender now bears the Stamp Duty charge. Previously, this charge was deducted from the beneficiary/receiver,” the bank said.
UBA further stated that it remains committed to transparency and to keeping customers informed of changes that may affect their banking transactions.
Kano Times reports that on Sept. 7, 2024, Nigerian financial technology firms announced plans to introduce a ₦50 stamp duty on electronic transactions of ₦10,000 and above.
The fintech companies explained that the decision was in compliance with regulations of the Federal Inland Revenue Service (FIRS), noting that the levy would apply to electronic transfers into both personal and business accounts.
