Effective January 1, 2026, the Nigeria Tax Law 2025 introduces notable changes to charges on electronic money transfers, with the Electronic Money Transfer Levy officially renamed Stamp Duty. The update is aimed at improving clarity, transparency, and understanding of digital transaction charges across the banking system.
Under the new framework, a ₦50 stamp duty charge will now be paid by the sender (transferor) rather than the receiver. This charge applies to electronic transfers of ₦10,000 and above, aligning with existing thresholds while changing the party responsible for payment.
Importantly, receivers of funds will no longer be charged the ₦50 stamp duty, marking a shift many customers consider more equitable. The stamp duty remains separate from regular bank transfer fees, which may still apply depending on the transaction and bank policy.
The law also outlines key exemptions. Transfers below ₦10,000, salary payments, and intrabank transfers between accounts belonging to the same individual within Wema Bank are exempt from the stamp duty charge.
Financial institutions say the changes are designed to simplify digital transactions and make charges clearer to customers, while ensuring compliance with the updated tax law.
Customers are encouraged to take note of the new arrangement as it takes effect in 2026. Banks have reiterated their commitment to keeping customers informed and ensuring a smooth and transparent banking experience as the new policy is implemented
