Commercial banks in Nigeria will begin deducting a N50 stamp duty on electronic transfers of N10,000 and above starting January 1, 2026, following the implementation of the Tax Act.
The charge, officially referred to as the Electronic Money Transfer Levy (EMTL), is a one-off fee applied to any electronic receipt or transfer in commercial banks or financial institutions, regardless of account type.
United Bank for Africa (UBA) disclosed the development in an email notification sent to its customers on Tuesday. The bank clarified that the N50 EMTL will now be uniformly applied as stamp duty across all financial institutions.
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According to UBA, salary payments and intra-bank self-transfers will be exempt from the stamp duty. The bank also noted that the sender of the funds will now bear the charge, whereas previously the fee was deducted from the beneficiary or recipient.
UBA reiterated its commitment to transparency, ensuring that customers are informed of any changes affecting their banking transactions. The move aligns with previous announcements by Nigerian fintech firms on September 7, 2024, which indicated compliance with Federal Inland Revenue Service (FIRS) regulations and applied to both personal and business accounts.