Banks will start charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act.
The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of N10,000 and above.
In an email sent to customers on Tuesday, United Bank for Africa (UBA) said the N50 electronic money transfer levy (EMTL) on transfers will now be referred to as stamp duty across all financial institutions.
