‘Takes effect from January,’ Banks to start charging senders N50 stamp duty on transfers above N10,000
Nigerian banks will start charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act.
The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of N10,000 and above.
In different emails to their customers on Tuesday, the banks explained that the N50 electronic money transfer levy (EMTL) on transfers will now be 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),” one of the emails read.
“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 banks noted that they remain committed to transparency and to keeping customers informed about changes that may affect their banking transactions.
On September 7, 2024, Nigerian financial technology firms (fintechs) announced plans to introduce a N50 stamp duty fee on transactions of N10,000 and above.
According to the fintechs, the move complies with Federal Inland Revenue Service (FIRS) regulations, noting that the fee will be applied to electronic transfers into personal and business accounts.
