Bank Transfers: Senders to Pay N50 Stamp Duty from January 1, 2026

The Federal Government has changed how stamp duty will be charged on electronic bank transfers. From January 1, 2026, the sender will pay the N50 stamp duty on transfers of N10,000 and above.

Nigerian banks have started notifying customers ahead of the new start date. This is a major change from the current system where the receiver is the one that usually pays the N50 charge, also known as the Electronic Money Transfer Levy (EMTL).

What Will Change From January 1

Under the new rules, any electronic transfer of N10,000 and above will attract a N50 stamp duty, and it will be charged to the person sending the money.

Banks also said the stamp duty is different from normal transfer charges, and customers will see it clearly before completing a transaction.

Transfers below N10,000 will not attract the stamp duty.

Transfers That Will Not Be Charged

Banks said some transfers will be exempt. These include salary payments and intra-bank transfers, meaning transfers between accounts within the same bank.

New Rules for Digital Agreements

The update also expands stamp duty coverage beyond transfers. It formally recognises electronic contracts and digital loan agreements under Nigerian law, which the government says will give clearer legal backing to digital transactions.

N1,000 Flat Stamp Duty for Agreements

Another change is a new flat N1,000 stamp duty on general agreements. This replaces the old method where charges could be calculated as a percentage, which often made costs unclear.

Banks said the flat rate is meant to make stamp duty easier to understand and simpler to comply with for both individuals and businesses.

How It Worked Before

Before this change, transfers of N10,000 and above attracted a N50 EMTL, but it was usually removed from the receiver’s account. Many Nigerians complained about this, arguing that beneficiaries should not pay a charge for money they did not send.

With the new system, the government is moving the cost to the person who starts the transfer, which may reduce disputes and make charges clearer at the point of payment.