₦airaland Forum

Banks to start charging senders N50 stamp duty on transfers above N10k from January

Banks will start charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act.

The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of N10,000 and above.

In an email sent to customers on Tuesday, United Bank for Africa (UBA) said the N50 electronic money transfer levy (EMTL) on transfers will now be referred to as stamp duty across all financial institutions.

“Please note the following: Stamp Duty applies to transactions of ₦10,000 and above (or the equivalent in other currencies),” the email reads.

“Salary payments and Intra-bank self-transfers are exempt from stamp duty.

“The Sender now bears the Stamp Duty charge. Previously, this charge was deducted from the Beneficiary/ Receiver.”

The bank said it remains committed to transparency and to keeping customers informed about changes that may affect their banking transactions.

On September 7, 2024, Nigerian financial technology firms (fintechs) announced plans to introduce a N50 stamp duty fee on transactions of N10,000 and above.

According to the fintechs, the move complies with Federal Inland Revenue Service (FIRS) regulations, noting that the fee will be applied to electronic transfers into personal and business accounts.

mascot87:
Is this one dreaming? N50 on every N10,000 that I have been constantly charged for over 5 months now

Richtaiwo:
I’m honestly confused.

Are they planning to add N50 to the existing charge, or are they just discovering N50 for the first time, as if they haven’t been charging us all along?

Because every single time I make a transfer, N53 mysteriously joins the transaction. Of course, that N53 never reaches the recipient, it vanishes into thin air, officially labeled “charges.”

So what exactly is new here? Are we paying another N50 on top of the already missing N53, or is this just a dramatic rebranding of the same old deduction we’ve been funding without applause?

iwaeda:
So if you transferred 10k, the receiver will get N9887.5, welcome to the year of our Lord 2026, year of Tinubu HEAVY taxation. It will favour me and my family, we will continue to WASTE your money in Europe.

Lanretoye:
don’t apply undue sentiments to everything that you do t support,we should educate and inform ourselves and not spread useless misinformation to make your mischief.the 50 naira charge has been for some time now only that the receiver is charged,for example when you send 10k to someone,the person willl receive the 10k and also get a debit of 50naira or sometimes will receive 9950.done feign ignorance of this

BlackViper:
Banks to start charging senders N50 stamp duty on transfers above N10k from January

Banks will start charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act.

The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of N10,000 and above.

In an email sent to customers on Tuesday, United Bank for Africa (UBA) said the N50 electronic money transfer levy (EMTL) on transfers will now be referred to as stamp duty across all financial institutions.

“Please note the following: Stamp Duty applies to transactions of ₦10,000 and above (or the equivalent in other currencies),” the email reads.

“Salary payments and Intra-bank self-transfers are exempt from stamp duty.

“The Sender now bears the Stamp Duty charge. Previously, this charge was deducted from the Beneficiary/ Receiver.”

The bank said it remains committed to transparency and to keeping customers informed about changes that may affect their banking transactions.

On September 7, 2024, Nigerian financial technology firms (fintechs) announced plans to introduce a N50 stamp duty fee on transactions of N10,000 and above.

According to the fintechs, the move complies with Federal Inland Revenue Service (FIRS) regulations, noting that the fee will be applied to electronic transfers into personal and business accounts.

https://www.thecable.ng/banks-to-start-charging-senders-n50-stamp-duty-on-transfers-above-n10k-from-january/

Mynd44 Lalasticlala Nlfpmod

jmoore:
I have been sending 9,999 naira instead of 10,000 naira since they introduced that stamp duty.
It's actually unfair to charge 50 naira for 1 million naira transfer and charge same 50 naira for 10,000 naira transfer.

Kingsland24:
this people sha ready to kill us in this coming year

federal government January 1st
Banks January 1st
churches January 1st
Agbero January 1st
food January 1st
petroleum January 1st
water January 1st

jmoore:
The main point here is the sender that will be charged starting from Jan 1st 2026. Previously, it's the receiver that gets charged.