New Tax Law Shifts ₦50 Transfer Charge to Senders from January 1, 2026

Nigerian banks will begin charging a ₦50 stamp duty on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of the Nigeria Tax Act 2025.

The charge applies to transfers made through banks and other financial institutions and will be deducted from the sender’s account.

The ₦50 fee, formerly known as the Electronic Money Transfer Levy (EMTL), is a one-off charge on qualifying electronic transactions.

Under the new rule, transactions below ₦10,000 remain exempt while certain payments such as salary deposits and intra-bank self-transfers will not attract the charge.

United Bank for Africa (UBA), in a notice to customers, confirmed that the levy will now be referred to as stamp duty across the banking system.

 The bank explained that the major change is that the sender, not the recipient, will now bear the cost of the charge on eligible transfers.

The new policy replaces the old system where the ₦50 fee was deducted from the receiver’s account often after the funds had been credited.

 With the revised approach, recipients will receive the full amount sent without any deductions.

For individuals and small businesses, the change means a slightly higher cost when sending money, especially for frequent transfers.

 However, it also brings clarity on charges and ensures that incoming payments are no longer reduced by unexpected fees