Nigerian bank customers will see a change in transaction charges from the start of the new year. Financial institutions across the country are set to begin implementing a N50 stamp duty charge on electronic transfers of N10,000 and above, effective from January 1, 2026.
What the New Stamp Duty Levy Means for You
This charge, formally known as the Electronic Money Transfer Levy (EMTL), is a one-off fee applied to receipts or transfers of money deposited in any bank or financial institution. The key change is that the levy will now be uniformly referred to as "stamp duty" across all banks. The United Bank for Africa (UBA) was among the first to notify its customers of this update via email on Tuesday, December 31, 2025.
The bank clarified the specifics of the new policy. "Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies)," the communication stated. This means the threshold applies to the naira value, so foreign currency transfers reaching that equivalent will also incur the charge.
A Significant Shift: Sender Now Bears the Cost
One of the most notable changes in this implementation is who pays the fee. Previously, the N50 charge was deducted from the beneficiary's account. Under the new rules taking effect in 2026, the sender will be responsible for bearing the stamp duty cost. This shift directly impacts how individuals and businesses budget for electronic payments.
However, the policy includes important exemptions designed to avoid double taxation on essential transactions. According to the notice, salary payments and intra-bank self-transfers (where you move money between your own accounts within the same bank) will not attract the stamp duty levy.
Banking Transparency and the Road Ahead
UBA's communication emphasized the bank's commitment to keeping customers informed about changes affecting their transactions. This move towards standardization of the levy's name to "stamp duty" is part of the broader implementation of Nigeria's new Finance Act or Tax Act.
The change is expected to streamline the previously fragmented application of the EMTL. Customers are advised to factor in this additional N50 cost when planning to send N10,000 or more electronically from the beginning of 2026. As other banks roll out similar notifications, account holders nationwide should review their bank communications for specific guidance on the implementation.
