N50 Stamp Duty: GTBank, Access, Zenith, UBA Send Messages to Customers on Changes
- Nigerian banks notified customers that the N50 stamp duty on electronic transfers of N10,000 and above
- They clarified that transfers below N10,000, salary payments, and eligible intrabank transfers are exempt
- Banks said the stamp duty is separate from regular transfer fees and encouraged customers to use digital channels
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Nigerian banks have begun notifying customers of changes to stamp duty charges on electronic transfers, effective January 1, 2026, following the implementation of the Nigeria Tax Act 2025 and new directives from the Federal Inland Revenue Service (FIRS).
The updates clarify that the N50 stamp duty on electronic transfers of N10,000 and above will now be paid by the sender, not the receiver.
Source: Getty Images
Transfers below the threshold remain exempt, while banks say the changes are aimed at improving transparency and aligning with the new tax framework.
Guaranty Trust Bank (GTBank), Ecobank, Access Bank, and Wema Bank are among lenders that have shared details of the policy update with customers.
Details sent to customers
Guaranty Trust Bank (GTBank) informed customers:
“Dear Customer, Please be reminded that, in line with the Nigeria Tax Act 2025, which took effect from January 1, 2026, the N50 stamp duty on electronic bank transfers of N10,000 and above is paid by the sender of the transaction and not the receiver.
"Transfers below N10,000 are exempt from the stamp duty.
"Salary payments and own-account transfers within GTBank will not attract the N50 charge.
"The stamp duty charge is separate from regular transfer fees and will be clearly disclosed at the point of transaction.”
Ecobank Nigeria also notified customers:
“Following the release of a new directive from the Federal Inland Revenue Service (FIRS) under the Nigeria Tax Act (NTA) 2025, changes to the application of stamp duty will take effect from January 1, 2026, across all financial institutions in Nigeria.
"The N50 Electronic Money Transfer Levy (EMTL) will now be referred to as stamp duty.
"The charge applies to electronic transfers of N10,000 and above, or the equivalent in other currencies.
"The sender will now bear the stamp duty charge, which was previously deducted from the beneficiary.”
Source: Getty Images
Wema Bank explained the changes under the amended tax law:
“Effective January 1, 2026, the Nigeria Tax Law 2025 introduces changes to the Electronic Money Transfer Levy, now renamed stamp duty.
"The N50 stamp duty charge, previously paid by the receiver, will now be paid by the sender and continues to apply to electronic transfers of N10,000 and above.
"Transfers below N10,000, salary payments, and intrabank transfers between accounts belonging to the same customer within Wema Bank are exempt.
"The charge is separate from normal bank transfer fees, where applicable.”
List of 10 common bank charges
Earlier, Legit.ng reported that the Central Bank of Nigeria has shared the list of approved bank charges for commercial banks and other financial institutions.
The document titled the guide to charges by banks, and other financial and non-bank financial institutions instructed that transaction receipt/alert/confirmation for any charge shall contain a description of the charge.
Banks impose various charges on their customers, including transfer fees, account maintenance fees, and ATM withdrawal fees.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
