Nigerian Fintech Users Alerted as Stamp Duty Shifts to Senders in 2026

Nigerian fintech companies, including OPay, PalmPay, and Moniepoint, are informing users about a new stamp duty policy effective from January 1, 2026. Transactions above ₦10,000 will now attract a 50% stamp duty deducted from the sender's account.

This policy replaces the previous electronic money transfer levy charged to the recipient. The move has sparked mixed reactions among Nigerians, with concerns raised about increased transaction costs and the burden on senders.

Financial analyst Osa Igho highlighted the potential impact on individuals and businesses already struggling with inflation and high living costs. The new tax framework also affects traditional banks like Wema Bank and Zenith Bank, which clarified that the stamp duty is separate from regular transfer fees.