Nigerian banks will begin deducting a ₦50 stamp duty on electronic transfers of ₦10,000 and above starting January 1, 2026, in line with the implementation of the new Tax Act.
The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-time ₦50 fee applied to electronic deposits or transfers made through commercial banks and other financial institutions on any account type once the transaction amount meets or exceeds ₦10,000.
In a notification sent to customers on Tuesday, United Bank for Africa (UBA) clarified that the ₦50 EMTL will now be uniformly referred to as stamp duty across all financial institutions.
According to the bank, “Stamp duty applies to transactions of ₦10,000 and above, or the equivalent value in other currencies.”
UBA also explained that certain transactions are exempt from the charge, including salary payments and self-transfers within the same bank. Notably, the responsibility for paying the stamp duty will now rest with the sender, rather than the beneficiary, as was previously the case.
The bank reaffirmed its commitment to transparency, assuring customers that it will continue to provide timely updates on policy changes that affect their banking activities.
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