Banks have notified their customers of the N50 Electronic Money Transfer Levy (EMTL) on the New Tax Act (NTA) 2025 that will take effect on January 1, 2026.
Specifically, United Bank for Africa (UBA) in a notice to customers noted that under this Act, the N50 EMTL on money transfers will now be referred to as Stamp Duty across all Financial Institutions. The stamp duty applies to transactions of N10,000 and above (or equivalent in other currencies).
“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. We remain committed to transparency and to keeping you informed about changes that may affect your banking transactions,” UBA stated.
Also, Fidelity Bank announced it will not restrict accounts not linked to a Tax Identification Number from January 1, 2026. The bank disclosed this in a notification sent to customers, citing provisions of the Nigerian Tax Administration Act (NTAA) 2025.
According to the message, the act mandates that bank accounts must be linked to a TIN, while customers without one must link their NIN.
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