Banks across Nigeria will begin charging customers a ₦50 stamp duty on electronic transfers of ₦10,000 and above starting January 1, 2026, in line with the implementation of the Tax Act.
The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-time ₦50 fee applied to electronic receipts or transfers of funds deposited in commercial banks and other financial institutions for transactions meeting the threshold.
According to The Cable, United Bank for Africa (UBA) disclosed the development in an email sent to customers on Tuesday, explaining that the EMTL will now be uniformly referred to as stamp duty across all financial institutions.
According to the bank, the stamp duty will apply to all transactions of ₦10,000 and above, or their equivalent in foreign currencies. However, salary payments and self-transfers within the same bank are exempt from the charge.
UBA further clarified that, under the new arrangement, the sender of funds will bear the stamp duty cost, unlike the previous system where the levy was deducted from the beneficiary or receiver.
The bank reaffirmed its commitment to transparency and assured customers that it would continue to keep them informed about policy and regulatory changes affecting their banking transactions.
