Nigeria’s Federal Government has confirmed a major adjustment to stamp duty charges on electronic bank transfers, with senders set to bear the N50 levy on transactions of N10,000 and above from January 1, 2026.
The change was communicated to customers through official notices issued by commercial banks, marking a departure from the long standing system where the charge was deducted from the recipient’s account. The updated rule applies specifically to the Electronic Money Transfer Levy and is separate from standard bank transfer fees.
Under the new arrangement, transfers below N10,000 remain exempt. Salary payments and transactions between accounts within the same bank will also not attract the N50 charge. Banks have assured customers that the levy will be clearly displayed before transactions are completed to improve cost visibility.
The News Chronicle understands that the policy shift is aimed at aligning charges with the initiator of transactions, reducing disputes and enhancing transparency across Nigeria’s fast growing digital payments space. It also brings local practice closer to international standards where senders typically bear transfer related costs.
Beyond transfers, the revised stamp duty framework formally recognises electronic contracts and digital loan agreements, strengthening their legal standing. A flat N1,000 duty has also been introduced for general agreements, replacing variable charges that often created uncertainty.
Electronic transfers remain central to Nigeria’s digital economy, and the revised framework is expected to offer clearer cost expectations for individuals and businesses as transaction volumes continue to rise.
