New policy requires senders to pay statutory stamp duty on eligible electronic transfers as government moves to strengthen revenue collection
Nigerian banks will begin charging a ₦50 stamp duty on electronic transfers of ₦10,000 and above starting January 1, 2026, in line with federal government regulations on stamp duties. The charge will be borne by senders and applied to eligible transfers conducted through banking channels nationwide.
The stamp duty, which is a statutory levy backed by existing financial regulations, applies to electronic deposits and transfer transactions that meet the ₦10,000 threshold. Banking industry sources confirm that commercial banks and other financial institutions have been directed to fully implement the charge as part of compliance with government revenue policies.
Under the new arrangement, customers making transfers of ₦10,000 or more whether through mobile banking apps, internet banking platforms, USSD codes, or in-branch electronic transactions will see an additional ₦50 deducted per qualifying transaction. Transfers below ₦10,000 are exempt from the charge.
The policy is aimed at improving transparency and strengthening government revenue generation through non-oil sources, while ensuring uniform application of stamp duty laws across the financial system. Authorities have maintained that the charge is not a new tax, but an enforcement of existing legislation that had previously seen inconsistent implementation.
Banks are expected to notify customers through official channels and update their systems ahead of the January 2026 rollout to ensure a smooth transition. Financial analysts have advised customers and businesses to factor the charge into their transaction planning, especially for frequent or high-volume transfers.
As implementation approaches, industry stakeholders are urging clearer public communication to help customers understand the policy and avoid confusion, particularly as Nigerians continue to rely heavily on digital banking for everyday transactions.
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