/ Sep 30, 2026
/ Sep 30, 2026

Bank transfers: Senders to pay N50 stamp duty from January 1, 2026

Published on

By

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.

You May Like

4 thoughts on “Bank transfers: Senders to pay N50 stamp duty from January 1, 2026”

  1. hey there and thanks on your info – I have certainly picked up anything new from proper here. I did then again experience several technical issues the use of this web site, since I skilled to reload the site lots of times prior to I may get it to load correctly. I were considering in case your web hosting is OK? Now not that I am complaining, however sluggish loading cases times will often impact your placement in google and could harm your high-quality score if ads and ***********|advertising|advertising|advertising and *********** with Adwords. Well I am including this RSS to my email and can glance out for much extra of your respective intriguing content. Ensure that you update this once more soon..

  2. When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get three e-mails with the same comment. Is there any way you can remove me from that service? Many thanks!

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Must Read

Eid-el-Kabir: FG Declares May 27 and 28 public holidays

FG declares October 1 public holiday for Nigeria’s 66th anniversary

The Federal Government has declared Thursday, October 1, 2026, a public holiday to commemorate Nigeria’s 66th Independence Anniversary.   The Minister of Interior, Olubunmi Tunji-Ojo, announced the declaration on Wednesday on behalf of the Federal Government in a statement signed by the ministry’s Permanent Secretary, Magdalene Ajani. The minister congratulated Nigerians at home and abroad, urging citizens to use the occasion to promote unity, patriotism, peaceful coexistence and mutual respect. Tunji-Ojo also called on Nigerians to emulate the country’s founding fathers by demonstrating love for Nigeria and contributing to the development of a nation that future generations can be proud of. “As we celebrate 66 years of our independence, we should always remember that there is hope for our country and our diversity is our strength,” the minister said. He added that collective determination remained the foundation for building a stronger and more prosperous Nigeria. The 2026 Independence Anniversary is being celebrated under the theme, “From Reforms to Stability: Consolidating Nigeria’s Renewed Hope for Shared Prosperity.” According to the Federal Government, the theme reflects its focus on consolidating ongoing reforms and translating their gains into greater opportunities and improved living conditions for Nigerians. The government also reaffirmed its commitment to strengthening national security, improving public safety and creating an environment where citizens can live and work with confidence. Tinubu to Address Nigerians President Bola Tinubu is expected to deliver a nationwide broadcast on Thursday as part of activities marking the 66th Independence Anniversary. The President returned to Lagos on Tuesday after concluding his working vacation in Europe and is expected to spend the Independence celebrations in the state. He is also expected to attend the premiere of a documentary on the late businessman and politician, Moshood Kashimawo Olawale Abiola, at the Wole Soyinka National Theatre in Lagos. According to the Presidency, Tinubu is further expected to hold political meetings in Lagos as preparations for the 2027 general elections continue. Nigeria at 66 Nigeria gained independence from British colonial rule on October 1, 1960, with Sir Abubakar Tafawa Balewa becoming the country’s first Prime Minister. The country became a republic in 1963, with Nnamdi Azikiwe serving as its first President. Nigeria later experienced periods of military rule and the Civil War before returning to constitutional democracy in 1999. The 2026 anniversary marks 66 years since independence and 27 years of uninterrupted constitutional democracy.
Read more

Editor's Pick

Trending News

Newsletter

Enter your email address and receive notifications of news by email.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

© 2026 GongNews. All Rights Reserved.