Nigeria Tax Act: GTBank Issues Fresh Notice to Customers on N50 Stamp Duty on Electronic Transfers
- GTBank has issued updates to customers on the federal government's revised Nigeria stamp duty framework under the Nigeria Tax Act
- The update makes the sender responsible for paying stamp duty on eligible transfers, while exempting low-value transactions
- The FG says the revision aims to improve compliance, reduce disputes, and strengthen revenue collection, even as public reactions remain mixed
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
GTBank has alerted its customers to changes in stamp duty charges following the implementation of the Nigeria Tax Act 2025, which came into force on January 1, 2026.
In a notification sent to customers on Tuesday, the bank explained that the N50 stamp duty applied to electronic transfers of N10,000 and above will now be borne by the sender, rather than the beneficiary of the transaction.
Source: Getty Images
The bank stated:
“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."
The bank added that some transactions are still excluded from the levy. These exemptions include transfers below N10,000, salary payments, and transfers made between a customer’s own GTBank accounts.
According to Punch, GTBank also emphasised that the stamp duty charge is distinct from standard transfer fees and will be displayed clearly before a transaction is finalised, allowing customers to see all applicable charges in advance.
Customers were advised to take note of the changes and plan their transactions accordingly, as the adjustment aligns with broader national efforts to ensure compliance with the Nigeria Tax Act 2025.
Why FG introduced revised stamp duty
The revised stamp duty arrangement was introduced by the Federal Government as part of broader tax reforms under the Nigeria Tax Act 2025, aimed at improving compliance and standardising revenue collection across financial transactions nationwide.
The update, implemented under the Nigeria Tax Act, adjusts how stamp duty is applied to certain financial transactions, particularly electronic bank transfers.
Under the revised arrangement, stamp duty on qualifying electronic transfers is now clearly defined, with responsibility for payment placed on the sender of the funds.
This change is intended to eliminate long-standing confusion over who bears the charge and to create a more transparent and uniform system across the banking sector.
Source: Getty Images
Recall that Legit.ng earlier reported that many Fintech companies in Nigeria have begun notifying customers of a key change to electronic transfer charges
While the revised stamp duty has generated mixed reactions, with some Nigerians expressing concern about rising transaction costs, the government maintains that the policy is necessary for sustainable revenue generation.
Officials argue that when effectively managed, stamp duty contributes to funding public services and infrastructure without placing an excessive burden on citizens.
GTBank raises dollar limit on naira card
Meanwhile, Legit.ng earlier reported that GTBank raised the international spending limit on its naira cards by 500% from $1,000 to $6,000 per quarter.
In a notice to customers on Monday, November 10, 2025, the bank said the new limit would be reviewed periodically in line with market conditions.
Analysts noted that the review was not a directive from the Central Bank of Nigeria but an internal decision by the bank based on available liquidity.
Source: Legit.ng
