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The Nigerian government has changed how the ₦50 stamp-duty charges on electronic bank transfers will be collected. Starting January 1, 2026, Nigerian banks, fintechs, and other financial institutions will charge the senders of transactions worth ₦10,000 and above a ₦50 stamp duty on electronic transfers. This fee is a statutory requirement under the updated Nigeria Tax Act, 2025, and replaces the previous Electronic Money Transfer Levy (EMTL).
The amended policy was disclosed in notices sent by banks to their customers, notifying them of the change in policy ahead of the policy’s implementation. “Effective January 1, 2026, the Nigerian government has introduced new rules to stamp duty collection to help enhance transparency and clarity in digital transactions,” one of the banks stated.
Starting January 1, 2026, the sender pays the ₦50 stamp duty on qualifying transfers. Previously, the ₦50 levy (EMTL) was typically deducted from the recipient. Meanwhile, it's important to note that the charge is separate from regular bank transfer fees. So, bank customers still have to pay for their bank’s standard transfer charges in addition to the ₦50 duty.
Furthermore, certain transactions, like salary payments and intra-bank transfers, will not attract the ₦50 stamp duty. Intra-bank transfers are transfers between accounts within the same bank owned by the same person. Government and banks say shifting payment to the sender improves transparency.
Flat N1,000 duty for agreements
In addition to that, the government also introduced a flat ₦1,000 stamp duty on general agreements or contracts under the same updated Nigeria Tax Act, 2025. This replaces the old percentage-based charges that varied depending on the value of the agreement. It means that most written contracts now attract a fixed stamp duty of ₦1,000 regardless of their worth.
This helps to simplify compliance and make it easier for individuals and businesses to understand and budget for documentation costs. All these changes are part of broader tax reforms under the Nigeria Tax Act, 2025, which revised how digital transactions and other financial instruments are taxed.
