Nigerian Banks Notify Customers of N50 Stamp Duty on Electronic Transfers

Nigerian banks such as GTBank, Access Bank (NGX: ACCESSCORP), Zenith Bank (NGX: ZENITHBANK), and UBA (NGX: UBA) have started notifying customers about the introduction of a N50 stamp duty charge on electronic transfers exceeding N10,000 effective from January 1, 2026. This move follows the implementation of the Nigeria Tax Act 2025, with the Federal Inland Revenue Service (FIRS) providing updates and clarifications.

The aim is to enhance transparency and align with the new tax framework. Other banks like Ecobank and Wema Bank (NGX: WEMABANK) have also shared policy updates with their customers.

The charge will be borne by the sender for transfers above the threshold, while transfers below will remain exempt.