Please be informed that effective 1 January 2026, the Electronic Money Transfer Levy (EMTL) previously charged on electronic bank transfers of ₦10,000 and above has been replaced by a ₦50 Stamp Duty, in line with the Nigerian Tax Act 2025.

What This Means for You:

• A one-off Stamp Duty charge of ₦50 will apply to electronic transfers of ₦10,000 and above (or its equivalent in other currencies).
• The ₦50 Stamp Duty will now be charged to the sender’s account. Previously, this charge was deducted from the beneficiary/receiver.

Transactions exempt from the ₦50 Stamp Duty include:

• Electronic transfers below ₦10,000 (or its equivalent in other currencies)
• Salary payments
• Intra-bank self-transfers (transfers between accounts of the same owner within the same bank)