Nigerian banks will begin charging a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of provisions in the Nigeria Tax Act, 2025.
The charge, which applies to electronic fund transfers across banks and financial institutions, is a statutory government levy and not a fee imposed by banks. Financial institutions are only required to collect the duty on behalf of the (FIRS) and remit it to the federal government.
Under the new framework, the sender of the funds will bear the ₦50 stamp duty. This marks a shift from the previous Electronic Money Transfer Levy (EMTL) regime, under which the charge was often applied differently. The stamp duty effectively replaces the EMTL as part of broader tax reforms aimed at harmonising and simplifying revenue collection.
However, not all transfers will attract the levy. Transactions below ₦10,000 are exempt, as are self-transfers between accounts owned by the same individual, provided the accounts share identical identity details such as BVN or NIN. Salary payments and certain intra-bank transfers are also expected to remain exempt, in line with regulatory guidance.
Banks will continue to charge their normal transfer or service fees separately, meaning customers making qualifying transfers will see the ₦50 stamp duty added on top of existing charges.
The policy is expected to have a wide impact, given the high volume of digital transfers carried out daily by individuals and businesses across Nigeria. While authorities say the levy is designed to strengthen government revenue, it has also renewed public debate over the rising cost of electronic transactions in an economy that increasingly relies on cashless payments.
Banks and fintech companies have begun updating their systems and customer notifications ahead of the January 2026 take-off date.