Starting January 1, 2026, banks in Nigeria will charge a ₦50 stamp duty on electronic transfers of ₦10,000 and above, in line with the Tax Act. The fee applies to deposits or transfers into any commercial bank or financial institution account.
United Bank for Africa (UBA) confirmed the change in an email to customers, noting that the charge will now be applied to the sender rather than the beneficiary. Previously, the recipient of the funds bore the levy.
The bank said salary payments and transfers within the same bank are exempt from the stamp duty. It also assured customers that transparency would be maintained and updates provided for any changes affecting transactions.
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Fintech firms in Nigeria had earlier announced plans to introduce the ₦50 fee on qualifying electronic transfers, citing compliance with Federal Inland Revenue Service regulations. The fee will apply to both personal and business accounts.
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