Banks will begin charging a N50 stamp duty on electronic transfers of N10,000 and above starting January 1, 2026, following the implementation of the new Tax Act.

The stamp duty, also known as the Electronic Money Transfer Levy (EMTL), is a one-time charge applied to electronic receipts or transfers of money in any commercial bank or financial institution on accounts handling sums of N10,000 and above.

In a notification to customers on Tuesday, the United Bank for Africa (UBA) stated that the N50 EMTL on transfers will now be referred to as a stamp duty across all financial institutions.

“Please note the following: Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies),” the email read. The notice clarified that salary payments and intra-bank self-transfers are exempt from the levy. “The sender now bears the Stamp Duty charge. Previously, this charge was deducted from the beneficiary/receiver.”

UBA emphasized its commitment to transparency and keeping customers informed of any changes affecting their banking transactions.