₦airaland Forum

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.

thanks for your brilliant explanation

The difference from the existing practice is that sender will now bear the cost instead of the receiver.

Make we try deh understand sometimes na.
Before it was the receiver that gets deducted but now, it's the sender that gets deducted for transfers above 10k.
Banks will still include their charges of 25naira or 53 naira as the case May be.
So just prepare at least 75 naira for 10k transfer you want to make.
Welcome

iwaeda:
Wait till tomorrow before you fight me. You will understand why it is totalitarian. You forgot VAT.

there is nothing to worry about bro,it only look strange to you,you wil get used to it sooner than later.

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.

THATS SMART

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

They said they'll start charging senders as they've been doing recipients for a while now

Recipients charges has been going on for over a year. Now both senders and recipients would be charged.

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

That was for Fintechs. Now it is for all banks

happney65:
That was for Fintechs. Now it is for all banks

Which fintech. I use GT bank and they have been deducting since over 4 months now

Currently it is the receiver that is being charged #50 for an amount up #10,000.Are the receiver and sender going to be charged #50 each.
Can someone explain this.

they should jus kpai us all

Jayce242:
It is news because they were only deducting for receiver. But from tomorrow, they will start deducting another 50 naira for sender, making a total of 100 naira stamp duty.

Stop spreading misinformation, what is wrong with you people? we know you do not like the country but you are just being mischievous.

THE SENDER NOW BEARS THE STAMP DUTY CHARGE, PREVIOUSLY, THIS CHARGE WAS DEDUCTED FROM THE BENEFICIARY/ RECEIVER. That's an excerpt from the mail sent by UBA

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.

They don't just have brains.

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.

how did you calculate it

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

Unbeknownst to electricity consumers under the BEDC franchise, cost per unit tariff has been increased by 150% since 4 months ago. This was done silently, and as usual our people are caught up in the wind of online brickbats. The poor will eventually be sold into slavery, let's keep playing politics.

IamtheDef:
Stop spreading misinformation, what is wrong with you people? we know you do not like the country but you are just being mischievous.

THE SENDER NOW BEARS THE STAMP DUTY CHARGE, PREVIOUSLY, THIS CHARGE WAS DEDUCTED FROM THE BENEFICIARY/ RECEIVER. That's an excerpt from the mail sent by UBA

Later Nigerians will say English is their official language, no wonder English proficiency tests for Nigerians expire

All these are results of wrong decisions of 2023

2026-2027

Only God knows who will be saved

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.

Both sender and receiver's have been paying N50 since when.

If I transferred to my account money is usually debited both ways... Unless you've been noticing, it has been happening for over 6 months or so more

Check the below screenshot... That was last transfer I made to my Opay, you can see N50 was debited... GTB also debited N50

This has been going on for long

On drugie of bourdilion manhood una stand.. una go shout jagaban the master strategist taya.. brainwashed gullibles.

Something that OPay has started charging

This is not new now, the only difference is before they charge the beneficiary the 50 naira ELECTRONIC MONEY TRANSFER LEVEL, which the name is changed to stamp duty, now the person sending 10k above will be charged, instead of the person receiving

Because the receiver is charged 50 naira, you can't simply send him 9,999 naira and bye pass that fee. Now that it's the sender, it will be difficult to tell someone that rendered service of 10k that you want to end 9,999. This is the only reason they made this change. Lock every loopholes.

AMI3:
Something that OPay has started charging

Something that has been going for more than 6 months now? This folks are confuse

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.

So both receiver and sender would be charged or ...i dont get it

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

Na today that one start?
Am already used to it

bixton:
The charge one sees on the ATM s screen that prompts one to continue the transaction or not, what difference is it and is it not the sender that bears it......
Since when does the receiver bear such charges?

Receiver's are debited too, unless you've not been noticing

Thank God for opay and palmpay

Jayce242:
They were only charging for receiver before now, now it is both sender & receiver.

They've been charging both ways...

You need to understand what you are posting to avoid misleading others. The sender will be charged only

Jayce242:
No, now both sender & receiver will be charged. Making a total of 100 naira stamp duty.

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

And Tinubu told Nigerians that the poor will not be taxed that it's only the rich that will be taxed.
So 10k transaction is it a rich man transaction?..

UkoAnnang:


Bola Ahmed Tunibu government go show us real pepper for this British investment wey we dey

Lets get our voters cards ready...Tinubu must collect...we need to vote him out sharp sharp

One reason why governments in developing countries like the type of indirect taxes is that they are hard to avoid.

Government's double down on them, even when they become burdensome to businesses.

I hope this administration realize what's at stake.. Nigeria no be Lagos where anyone can pocket .
All these Lagos politicians doing anyhow they like in Federal, I hope you guys won't get the shocker of your lives in 2027.

After removing subsidy with no clear plan to ameliorate the hardship faced by Nigerians, you still want to force tax on them . yet still hoping same Nigerians will go and queue under the sun to re-elect you.