Nigeria Implements ₦50 Stamp Duty
Analysis based on 6 articles · First reported Dec 31, 2025 · Last updated Dec 31, 2025
The implementation of the new Tax Act in Nigeria, introducing a ₦50 stamp duty on electronic transfers, is expected to simplify tax compliance and enhance transparency in the financial sector. This could lead to minor adjustments in transaction costs for individuals and businesses, potentially affecting the profitability of financial institutions like United Bank for Africa and Access Bank Group, while also contributing to Nigeria's fiscal foundation.
Nigeria is implementing a new Tax Act, effective January 1, 2026, which introduces a ₦50 stamp duty on electronic transfers of ₦10,000 and above. This charge, previously known as the Electronic Money Transfer Levy (EMTL) and deducted from the recipient, will now be borne by the sender and uniformly referred to as stamp duty across all financial institutions. Banks such as United Bank for Africa and Access Bank Group have sent notices to their customers to inform them of these changes. Salary payments and intra-bank self-transfers are exempt from this charge. President Bola Tinubu has affirmed the commencement of these new tax laws, aiming for a structural reset and harmonization of the country's fiscal system. Fintech companies are also aligning with Nigeria — Nigeria Revenue Service regulations to implement this fee. The Nigeria — Central Bank of Nigeria has also approved various banking charges and a cashless policy, further shaping the financial landscape.
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