CBN orders banks to effect N50 stamp duty on transfers above N10,000

The Central Bank of Nigeria (CBN) has ordered financial institutions to start charging senders a ₦50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act.

This was disclosed in notices sent by Nigerian banks to their customers ahead of the policy’s implementation.

The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of ₦50 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.

Customers have confirmed that they have been getting mails from banks regarding the N50 EMTL stamp duty.

In an email sent to customers on Tuesday, the United Bank for Africa (UBA) said the ₦50 EMTL on transfers will now be referred to as stamp duty across all financial institutions.

Salary payments and Intra-bank self-transfers are exempt from stamp duty.

The Sender now bears the Stamp Duty charge. Previously, this charge was deducted from the Beneficiary/ Receiver.

Banks clarified that this charge is separate from regular bank transfer fees and will be clearly disclosed to customers at the point of transaction.

Transfers below N10,000 are exempt from the stamp duty.

This replaces the previous percentage-based charges, which often created uncertainty around the total cost of documentation.

According to the notices sent by banks, the adjustment is aimed at simplifying compliance and making stamp duty charges easier for individuals and businesses to understand upfront.

Before the new policy, electronic transfers of ₦10,000 and above attracted a ₦50 EMTL, but the charge was typically deducted from the receiver’s account.