In line with the recently updated Tax Act, banks across Nigeria are set to start imposing a N50 stamp duty on all electronic transfers valued at N10,000 and above, effective January 1, 2026. This new policy marks a shift in how financial transactions are levied in the country and directly impacts individuals and businesses conducting electronic money transfers. The electronic money transfer levy (EMTL), commonly referred to as the stamp duty, will now be a fixed, one-time fee of N50 for every electronic receipt or transfer made through commercial banks or licensed financial institutions. The levy applies to any type of account, whether personal or business, on transactions exceeding N10,000. UBA Confirms Changes in Customer Communications In a recent communication sent via email to its customers on Tuesday, December 30, 2025, United Bank for Africa (UBA) clarified that the N50 electronic money transfer levy will now be formally recognized as stamp duty across all banks in Nigeria. The email from UBA highlighted key points for account holders: UBA emphasized its commitment to transparency and assured customers that it would continue to keep them informed about regulatory and operational changes that affect banking activities. Fintech Firms Support the Implementation Back on September 7, 2024, Nigerian financial technology firms (fintechs) had announced plans to introduce the N50 stamp duty for electronic transactions above N10,000. According to these firms, this measure aligns with the Federal Inland Revenue Service (FIRS) regulations, ensuring compliance with federal tax policies. The fintechs confirmed that the new N50 levy will apply to all electronic transfers into both personal and business accounts, further standardizing the taxation of digital money movements across Nigeria. What This Means for Nigerian Bank Customers For individuals and business owners, this change means: This new measure also aims to streamline the collection of stamp duties and enhance accountability across Nigeria’s banking system.
