Starting 1 January 2026, every Nigerian who sends N10,000 or more by electronic transfer will automatically pay an extra N50.
The charge is part of the Nigeria Tax Act, 2025, which now brands the old Electronic Money Transfer Levy (EMTL) as plain “stamp duty” on every banking channel.
One-time N50 levy
The N50 is deducted once per transaction; savings, current and corporate accounts are all caught once the N10,000 mark is hit.
UBA told customers on Tuesday that “EMTL” will disappear from statements and “Stamp Duty” will take its place—every bank is expected to follow suit.
CBN’s 2026 outlook projects retained revenue of N35.51 trillion, and automated bank levies are pencilled in as a major contributor.
The money flows into the Federation Account: 85% goes to states on derivation, 15% stays with the federal purse.
“Move money five times a day and you’ve lost N250 before lunch,” says Ibrahim a Lagos analyst.
Still, the 2025 Act at least spells out a single charge and bars double dipping.
With the January deadline weeks away, Tier-1 and Tier-2 banks will roll out matching notices so the switch is smooth when the calendar flips.
