2025-12-31 08:07:00
Reporting by Vanguard indicates Nigerian banks are notifying customers that a N50 stamp duty will apply to electronic transfers above N10,000 starting January 1, reflecting changes tied to the new tax framework.
The key change, as communicated in customer notices, is that the levy is treated as payable by the sender for qualifying transfers—so customers may see the charge as a separate line item.
For consumers and SMEs, the implication is straightforward: routine transfers that cross the threshold will carry a small additional cost, which can add up for high-frequency digital payments.
Validation: Nairametrics said “Banks are set to begin charging customers N50 stamp duty on electronic transfers above N10,000 from January 1, 2026.” and TechCabal reported “Customers making electronic transfers above ₦10,000 will begin paying a ₦50 stamp duty from January 1, 2026.”
Echotitbits take: This will test public tolerance for “small” transactional charges at scale. Watch for clarifications on exemptions, intra-bank transfers, and whether fintech rails apply the same way as traditional bank channels.
Source: The Cable — 31 December 2025 (https://www.thecable.ng/banks-to-start-charging-senders-n50-stamp-duty-on-transfers-above-n10k-from-january/)
The Cable 31 December 2025
Photo Credit: The Cable
