Nigerian financial institutions will introduce a ₦50 stamp duty on electronic transfers of ₦10,000 and above, effective January 1, 2026. The charge, also known as the electronic money transfer levy (EMTL), is a one‑off fee applied to any electronic receipt or transfer of money deposited in a commercial bank or financial institution when the amount is ₦10,000 or more. Notices sent to customers by the banks state that the ₦50 EMTL will now be referred to as “stamp duty” across all financial institutions.
Unlike the previous arrangement, the stamp duty will be borne by the sender rather than being deducted from the beneficiary’s account. Salary payments and intra‑bank self‑transfers are exempt, and transfers below ₦10,000 will not attract the charge. Banks have clarified that this fee is separate from regular bank transfer fees and will be clearly disclosed to customers at the point of transaction.
The stamp duty is part of the new tax laws scheduled to take effect on January 1, 2026. President Bola Tinubu has affirmed that the implementation will proceed as planned despite criticism from opposition and pressure groups. He explained that the tax reforms are intended to support a structural reset, promote harmonisation, protect dignity, and strengthen the social contract.
The shift to a fixed ₦50 charge aims to simplify compliance and make stamp‑duty costs easier for individuals and businesses to understand upfront. Previously, percentage‑based charges created uncertainty about the total cost of documentation. By exempting low‑value transactions, the policy provides some relief for smaller transfers.
The introduction of the stamp duty, along with other provisions of the new tax laws, is expected to have significant implications for individuals and businesses in Nigeria. Financial institutions are preparing to enforce the ₦50 stamp duty on transfers above ₦10,000 from January 1, 2026, as part of broader efforts to reform the tax system and promote economic growth.
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