Bank customers will begin paying a ₦50 stamp duty on eligible electronic transfers from January 1, 2026, following the implementation of the Nigeria Tax Act 2025, which shifts the statutory charge from receivers to senders of funds.
Under the new regime, the ₦50 stamp duty will apply to electronic bank transfers of ₦10,000 and above, with the sender of the transaction now responsible for the payment. The change marks a significant adjustment to how the levy is administered across Nigeria’s banking system.
According to the guidelines, transfers below ₦10,000 remain fully exempt from the stamp duty, offering relief to low-value transactions and routine personal transfers.
In addition, salary payments will not attract the ₦50 charge, a provision aimed at shielding workers from additional deductions on their earnings. Intra-bank transfers between accounts held within the same bank—such as transfers between GTBank accounts—are also excluded from the stamp duty.
Banks have been directed to ensure transparency in the application of the levy. The stamp duty charge is separate from standard transfer fees and must be clearly disclosed to customers at the point of transaction.
The policy adjustment is part of broader fiscal reforms under the Nigeria Tax Act 2025, designed to streamline tax collection, improve clarity for consumers, and enhance compliance across electronic payment platforms.
Customers are advised to take note of the changes as they take effect from the start of the 2026 financial year, particularly when making high-value electronic transfers.
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