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From January 1, 2026, banks in Nigeria will start charging senders a N50 stamp duty on electronic transfers above N10,000. This is a government-imposed levy, separate from standard bank transaction fees. Previously, the receiver bore this cost, but now it’s the sender’s responsibility.
The stamp duty applies to electronic transfers, excluding intra-bank self-transfers. This means if you transfer money to someone using a different bank, you’ll pay the N50 duty. But if you’re transferring between your own accounts in the same bank, you won’t be charged.
This change aims to boost government revenue, with projected earnings of N456.07 billion in 2026, rising to N752.45 billion in 2028. The revenue will be distributed between the federal government (10%) and state governments (55%).
The Nigerian government expects this move to increase revenue and encourage digital transactions. However, some worry it might discourage people from using formal banking channels.
The Central Bank of Nigeria (CBN) has directed banks to implement this change from January 1, 2026. Banks will start charging the N50 stamp duty on eligible transactions automatically.
Would you like to know more about how this stamp duty affects your daily transactions or businesses?
