Beginning in January 2026, Nigerians will face increased costs for sending money through digital platforms. This change stems from a significant revision in the national tax policy, which will see the return of stamp duty on electronic transfers, replacing the current Electronic Money Transfer Levy (EMTL).
From EMTL Back to Stamp Duty: Understanding the Policy Shift
The Federal Government has enacted a major policy reversal buried within the Nigeria Tax Act 2025. In 2020, the traditional stamp duty on electronic transfers was replaced with the EMTL, which applied a flat ₦50 charge on transfers of ₦10,000 and above. Crucially, this fee was deducted from the recipient's account.
Five years later, this system is being overturned. The EMTL has been renamed and expanded back into a comprehensive stamp duty regime. The new scope covers a wider range of chargeable instruments, including electronic receipts, tax stamps, certificates, and digital tagging.
The government states that compliance will be strictly enforced to boost revenue collection over the medium term. The most immediate practical effect for everyday Nigerians is a change in who bears the cost.
How Your Wallet Will Be Affected in 2026
Under the new rules, the financial burden shifts directly to the sender. Currently, when you send money, the recipient gets the amount minus ₦50 for qualifying transfers. From January 2026, the sender will pay the ₦50 stamp duty in addition to existing bank transfer fees.
Most financial institutions already charge transfer fees: typically ₦10 for transfers below ₦5,000, ₦25 for amounts between ₦5,001 and ₦50,000, and ₦50 for sums above ₦50,000. The new stamp duty will be added on top of these charges.
This means sending ₦10,000 or more will now cost between ₦75 and ₦100 per transaction. For example, a transfer of ₦50,000 could attract a total charge of ₦100. While the recipient will receive the full transfer value, the sender's cost for moving money digitally will see a noticeable jump.
Broader Impact and Government's Revenue Drive
The policy change will have varied effects across different sectors. For businesses and Point-of-Sale (PoS) agents, it eliminates the previous awkwardness where received payments were instantly reduced by ₦50. However, the overall transaction burden decisively shifts to the person initiating the payment.
For fintech platforms like OPay, PalmPay, and Moniepoint, which grew rapidly partly due to low-cost transfers, this extra mandatory charge weakens a key competitive advantage. The growth of digital payments in Nigeria was built on being fast, simple, and affordable; each added fee erodes that foundation.
The government's motivation is firmly rooted in revenue generation. The EMTL proved to be a substantial source of non-oil income, collecting ₦219.11 billion in 2024 and already reaching over 92% of its 2025 target by July of that year. With the expanded stamp duty, projections are ambitious: ₦456.07 billion for 2026, rising to over ₦750 billion by 2028.
Revenue sharing is also being adjusted. The federal government's share will decrease from 15% to 10%, while states will now receive 55%, a move designed to strengthen subnational finances.
While an extra ₦50 per transaction may seem minor individually, its multiplication across millions of daily digital payments adds up to significant public revenue. Conversely, it incrementally increases the cost of living and doing business for Nigerians who rely on seamless and affordable digital transactions. From 2026, the convenience of instant transfers remains, but it will come at a steeper price, one transfer at a time.
