Nigerian Banks to Impose N50 Charge on Electronic Transfers Above N10,000 from 2026
Nigerian banks, led by UBA, will implement a N50 stamp duty charge on electronic transfers exceeding N10,000 from January 1, 2026. This move aligns with the Central Bank of Nigeria's cashless policy, introducing fees for transactions above N500,000.
The charge aims to generate revenue and promote digital payments. UBA assures customers of transparency and timely updates on banking changes.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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