Nigerian banks had made known to customers the modality that affects the N50 stamp duty pegged on electronic transfers of N10,000 and above, which took effect on 1st January 2026, following the implementation of the Nigeria Tax Act 2025 and new directives from the Federal Inland Revenue Service (FIRS). The update clarifies that the deducted N50 will be paid by the sender, not the receiver, for every transfer of N10,000 and above. Banks revealed that transfers below the stipulated amount attract no charges for stamp duty, stating that the changes are to enhance transparency and align with the new tax framework.
Guaranty Trust Bank (GT Bank) wrote to customers: “Dear Customer, Please be reminded that, in line with the Nigeria Tax Act 2025, which took effect from January 1, 2026, the N50 stamp duty on electronic bank transfers of N10,000 and above is paid by the sender of the transaction and not the receiver
"Transfers below N10,000 are exempt from the stamp duty." Salary payments and own-account transfers within GTBank will not attract the N50 charge. "The stamp duty charge is separate from regular transfer fees and will be clearly disclosed at the point of transaction.”
Ecobank Nigeria also notified customers: “Following the release of a new directive from the Federal Inland Revenue Service (FIRS) under the Nigeria Tax Act (NTA) 2025, changes to the application of stamp duty will take effect from January 1, 2026, across all financial institutions in Nigeria.
"The N50 Electronic Money Transfer Levy (EMTL) will now be referred to as stamp duty." The charge applies to electronic transfers of N10,000 and above, or the equivalent in other currencies. "The sender will now bear the stamp duty charge, which was previously deducted from the beneficiary.”
Wema Bank explained the changes under the amended tax law: “Effective January 1, 2026, the Nigeria Tax Law 2025 introduces changes to the Electronic Money Transfer Levy, now renamed stamp duty.
"The N50 stamp duty charge, previously paid by the receiver, will now be paid by the sender and continues to apply to electronic transfers of N10,000 and above.
"Transfers below N10,000, salary payments, and intrabank transfers between accounts belonging to the same customer within Wema Bank are exempt." The charge is separate from normal bank transfer fees, where applicable.”
