…The bank stated: “Stamp duty applies to transactions of N10,000 and above, or their equivalent in other currencies.”
ABUJA, NIGERIA- The iNews Times | Following the enforcement of the Tax Act, banks will begin deducting a N50 stamp duty from senders on electronic transfers of N10,000 and above, effective January 1, 2026.
The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-time N50 fee applied to electronic receipts or transfers involving funds of N10,000 and above deposited in any financial institution, regardless of account type.
In a notification to customers on Tuesday, United Bank for Africa (UBA) announced that the N50 EMTL on transfers will henceforth be uniformly described as stamp duty across all financial institutions.
The bank stated: “Stamp duty applies to transactions of N10,000 and above, or their equivalent in other currencies.” It clarified that salary payments and intra-bank self-transfers are exempt from the charge, while the responsibility for payment has shifted to the sender, unlike previously when the fee was deducted from the beneficiary.
UBA reaffirmed its commitment to transparency and keeping customers informed of changes affecting their banking transactions.
It would be recalled that on September 7, 2024, Nigerian financial technology companies had also disclosed plans to introduce a N50 stamp duty on transfers of N10,000 and above, in line with regulations issued by the Federal Inland Revenue Service (FIRS). The fintechs said the levy would apply to electronic transfers into both personal and business accounts.
