Nigerians to Face Higher Bank Transfer Charges from 2026 Due to New Tax Framework

Starting in January 2026, Nigerians will experience higher charges for bank transfers as a result of changes in the tax framework. The new policy will see a flat 50 stamp duty fee applied to transfers of 10,000 naira and above, with the sender bearing the increased cost.

This move aims to strengthen tax collection and enforce compliance with stamp duty regulations. Currently, banks already charge transfer fees ranging from 10 to 50 naira based on the transaction amount.

The shift towards digital payments and the adoption of fintech platforms like Opay, Palmpay, and Moniepoint are expected to continue growing amidst the increased transfer costs.