Major financial institutions across Nigeria have commenced direct communication with their account holders regarding a significant change in the application of the N50 stamp duty charge. This update, which took effect from January 1, 2026, is a direct result of the newly implemented Nigeria Tax Act 2025 and fresh directives from the Federal Inland Revenue Service (FIRS).
Key Changes to the Stamp Duty Levy
The core modification revolves around who bears the cost of the N50 Electronic Money Transfer Levy (EMTL), now officially referred to as stamp duty. Previously deducted from the recipient's account, the levy is now the responsibility of the sender for any electronic transfer of N10,000 and above. Banks have been swift to clarify that this charge is separate from the standard transfer fees applicable to transactions.
Several exemptions to this rule have been clearly outlined by the banks to prevent confusion. Transfers below the N10,000 threshold remain completely exempt from the stamp duty. Furthermore, the levy does not apply to salary payments or eligible intrabank transfers where a customer moves money between their own accounts within the same bank.
Bank-Specific Customer Communications
Leading lenders including Guaranty Trust Bank (GTBank), Access Bank, Ecobank, and Wema Bank have disseminated detailed messages to their customer base. In its notification, GTBank explicitly reminded customers that the change aligns with the new tax law and that the charge would be clearly disclosed at the point of transaction.
Ecobank Nigeria's communication highlighted that the change, stemming from the FIRS directive, applies uniformly across all financial institutions in the country. The bank confirmed the levy applies to equivalent amounts in other currencies as well.
Wema Bank provided context by explaining the change under the amended Nigeria Tax Law 2025, reiterating the shift in liability from receiver to sender for applicable transactions while listing the same exemptions.
Background and Broader Context
This policy adjustment is aimed at improving transparency within Nigeria's digital financial ecosystem and ensuring full alignment with the federal government's updated tax framework. The move underscores the ongoing evolution of fiscal policies designed to capture revenue from the booming electronic transaction space.
The Central Bank of Nigeria (CBN) maintains a guide to approved charges for banks, which mandates that any fee deducted must be accompanied by a clear description on the transaction alert or receipt. The N50 stamp duty is one of several charges customers encounter, alongside transfer fees, account maintenance costs, and ATM withdrawal charges.
Customers are encouraged to utilize digital banking channels for their transactions, where these charges are typically displayed upfront, allowing for informed financial decisions. The collective action by these banks ensures widespread awareness and aims to minimize disputes related to unexpected deductions following electronic transfers.
