Access, First Bank, GTB, Zenith, UBA Alert Customers of New Electronic Transfer Charges
- Nigerian banks have informed customers that electronic transfers of N10,000 and above will attract a N50 stamp duty, payable by the sender instead of the recipient
- They emphasised that the stamp duty is separate from regular transfer fees, will be clearly displayed at the point of transaction
- Electronic contracts and loan agreements are now fully recognised under Nigerian law
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Access, United Bank of Africa, Wema, Zenith and other Nigerian banks have alerted customers to changes in electronic transfer charges as the Nigeria Tax Act 2025 takes effect from today, Thursday, January 1, 2026.
The update affects transfers of N10,000 and above, which will now attract a N50 stamp duty, payable by the sender rather than the recipient.
Source: Getty Images
Here are the messages to customers
Access Bank notified customers:
“The New Tax Act (NTA) 2025 will take effect on January 1, 2026. The N50 Electronic Money Transfer Levy (EMTL) on money transfers will now be referred to as Stamp Duty. Transfers below N10,000, salary payments, and intra-bank self-transfers are exempt. The sender now bears the charge.”
“Following the new Nigeria Tax Act 2025, effective January 1, 2026, the N50 stamp duty on electronic transfers of N10,000 and above will be paid by the sender. Transfers below N10,000, salary payments, and intra-bank transactions between accounts within GTBank will not attract the charge.
"The stamp duty is separate from regular transfer fees and will be clearly disclosed at the point of transaction.”
UBA informed clients:
“Effective January 1, 2026, new rules under the Nigeria Tax Act 2025 require all transfers above N10,000 to attract N50 stamp duty payable by the sender. Salary payments and intra-bank transfers remain exempt. Electronic contracts and loan agreements are now fully recognized under the law.”
Wema bank advised customers:
“We’d like to inform you about an update to the Electronic Money Transfer Levy (EMTL) following changes under the Nigeria Tax Act, 2025. A N50 levy will apply to electronic transfers of N10,000 and above, payable by the sender. For questions, call 080-3900-3700 or email purpleconnect@wemabank.com
. Effective January 1, 2026, these rules will enhance transparency and clarity in digital transactions.”
Source: Getty Images
First Bank and Zenith Bank issued similar advisories, noting exemptions for small transfers and salary payments, and the separation of the stamp duty from regular transfer fees, theCable reports.
The banks said the changes aim to improve transparency, protect digital transactions, and simplify understanding of charges upfront, as Nigeria strengthens compliance and revenue collection in the financial sector.
Banks on TIN on bank accounts
Earlier, Legit.ng reported that the Federal Government has issued a directive to Nigeria’s banking sector as part of comprehensive tax reforms set to take effect on January 1, 2026.
Under the new rules, banks will be required to collect Tax Identification Numbers (TIN) from all taxable Nigerians holding bank accounts, potentially impacting millions of account holders nationwide.
The instruction was confirmed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in an interview shared on his official X account.
Source: Legit.ng
