Bank Transfers: Senders To Pay ₦50 Stamp Duty From January 1

Financial institutions in Nigeria will begin deducting a ₦50 stamp duty from senders on electronic transfers of ₦10,000 and above from January 1, 2026, following the implementation of the new Tax Act. Previously, electronic transfers of ₦10,000 and above attracted a ₦50 Electronic Money Transfer Levy (EMTL), which was typically deducted from the recipient’s account.

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