Banks across Nigeria will begin charging customers a ₦50 stamp duty on electronic transfers of ₦10,000 and above starting January 1, 2026, following the implementation of the new Tax Act.
The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-time ₦50 deduction applied to electronic receipts or transfers of money deposited in any commercial bank or financial institution. It applies to all account types once the transaction amount meets or exceeds ₦10,000.
Customers were formally notified of the change through emails sent by several banks on Tuesday. In one such notification, United Bank for Africa (UBA) informed customers that the ₦50 EMTL will now be uniformly referred to as “stamp duty” across all financial institutions.
According to the bank, the charge is statutory and will be automatically deducted on qualifying electronic transfers in line with government regulations. The levy is not new, but its reclassification and continued enforcement under the Tax Act have drawn renewed attention as the 2026 implementation date approaches.
Financial analysts say the move is part of broader government efforts to improve non-oil revenue generation through transaction-based taxes. However, some customers have expressed concerns about the cumulative impact of multiple bank charges on everyday transactions, especially as digital transfers remain the most common means of payment.
Banks have advised customers to take note of the policy and factor the charge into future transactions, as the deduction will apply uniformly across the banking sector once it takes effect.
More guidance is expected from regulators in the coming months as the implementation date draws closer.
