Electronic transfers of N10,000 or more would be subject to a N50 stamp duty beginning January 1, 2026, as per the Tax Act’s implementation.
According to Vanguard, there is a one-time fee of 50 Naira (or equivalent) for the stamp duty, also known as the electronic money transfer levy (EMTL), which is levied on the electronic reception or transfer of funds deposited into any kind of account at any commercial money bank or financial institution for amounts of 10,000 Naira or more.
According to an email sent yesterday by the United Bank for Africa (UBA) to its customers, the N50 electronic money transfer levy (EMTL) on transfers would now be called stamp duty across all lenders.
Here is everything you need to know: Any transaction exceeding N10,000 (or its equivalent in other currencies) is subject to stamp duty, according to the email. Stamp duty does not apply to salary payments or intra-bank self-transfers. The Stamp Duty charge is now on the sender. The Beneficiary/Receiver was formerly the one who had this fee subtracted from their payment.
The bank emphasized that it will continue to be open and honest with its customers and let them know if there are any changes that could impact their financial activities.
In an announcement made public on September 7, 2024, fintechs in Nigeria stated their intention to impose a stamp duty levy of N50 on all transactions exceeding N10,000.
Electronic transfers into personal and commercial accounts will be subject to the fee, as stated by the fintechs, who claim that this move complies with regulations set by the Federal Inland Revenue Service (FIRS).
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