From January 1, 2026, Nigerians initiating bank transfers of ₦10,000 and above will pay a ₦50 stamp duty, following a new Federal Government directive aimed at improving transparency in digital payments.
The change, communicated to customers through bank notices, marks a clear departure from the current system where the ₦50 Electronic Money Transfer Levy (EMTL) is deducted from the recipient’s account.
Under the revised framework, the ₦50 charge will be paid by the sender of eligible electronic transfers and will be displayed separately from standard bank transfer fees at the point of transaction. Transfers below ₦10,000 are exempt, while salary payments and intra-bank transfers, transactions between accounts within the same bank, will not attract the levy.
According to the banks, the adjustment is designed to align charges with the initiator of transactions, addressing long-standing complaints from customers who argued that beneficiaries should not bear costs for transfers they did not initiate.
Beyond bank transfers, the updated stamp duty regime also formally recognises electronic contracts and digital loan agreements under Nigerian law, providing greater legal clarity for digital transactions.
Another notable change is the introduction of a flat ₦1,000 stamp duty on general agreements. This replaces the former percentage-based charges, which often made documentation costs unpredictable. Banks say the flat rate will simplify compliance and make charges clearer for individuals and businesses.
Previously, electronic transfers of ₦10,000 and above attracted a ₦50 EMTL deduction from the receiver’s account, an approach that frequently triggered disputes. The new policy brings Nigeria closer to international practice by assigning the cost to the sender, who can now see the full transaction cost upfront.
Electronic transfers remain central to Nigeria’s digital economy, supporting salaries, business payments, and fintech services. The revised stamp duty structure is expected to reduce confusion, improve transparency, and aid financial planning, especially with clear exemptions for salaries and intra-bank transfers.
The change comes against the backdrop of strong EMTL performance. By mid-2025, the Federal Government exceeded its EMTL revenue target by ₦88.73 billion, driven by rising electronic transactions. The levy helped shore up non-oil revenue and offset weaker oil earnings, underscoring the growing fiscal importance of Nigeria’s digital payments ecosystem.
