From January 1, bank customers in Nigeria will begin paying a ₦50 stamp duty on electronic transfers of ₦10,000 and above.
Banks say the charge will now be borne by the sender, not the receiver.
United Bank for Africa (UBA) informed customers that the fee, previously deducted from beneficiaries, will now be taken directly from the sender at the point of transfer.
“The sender now bears the stamp duty charge,” the bank said in a notice to customers.
Salary payments and transfers made within the same bank account are exempt from the charge, according to the notice.
The ₦50 fee was previously known as the Electronic Money Transfer Levy (EMTL) and has now been formally classified as stamp duty under recent tax reforms.
The change follows updates to Nigeria’s tax laws and efforts to align digital transaction charges with Federal Inland Revenue Service guidelines.
Fintech companies had earlier signalled the adjustment in 2024, warning customers that transfers of ₦10,000 and above would attract the levy.
Banks say the stamp duty is separate from normal transfer charges and will be clearly displayed before transactions are completed.
Customers are advised to check official bank notices for details on exemptions and how the charge will reflect on their statements.
