By Atoyebi Nike
Nigerian banks will begin deducting a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the commencement of provisions in the newly enacted Tax Act.
Several commercial banks have already notified customers ahead of the policy’s rollout. Under the new framework, the charge formerly known as the Electronic Money Transfer Levy now operates officially as stamp duty and applies as a one-time fee on qualifying transfers.
In a notice issued on Tuesday, United Bank for Africa (UBA) said the Tax Act would take effect nationwide from January 1 and that all banks would apply the charge uniformly. The bank clarified that transactions below ₦10,000 remain exempt.
UBA also stated that salary payments and intra-bank self-transfers would not attract stamp duty, while the sender, rather than the recipient, would now bear the ₦50 charge.
Access Bank issued a similar notification, confirming both the charge and the listed exemptions.
Previously, banks deducted the ₦50 levy from beneficiaries’ accounts, a practice that often drew customer complaints. Banks say the revised approach will improve transparency and simplify compliance.
The change comes as President Bola Tinubu reaffirmed that Nigeria’s new tax laws would take effect as scheduled, despite opposition from some political and civil society groups. He said the reforms aim to modernize the tax system, not increase hardship for citizens.
