Reporting by Leadership indicates banks are shifting the ₦50 stamp duty charge on qualifying electronic transfers (notably above a stated threshold) to senders, aligning with changes in the tax regime.
The development affects how customers perceive transfer costs and could influence behaviour—some may bundle transactions or switch to alternative payment rails to minimise charges.
Industry analysts say clearer disclosure is essential, as hidden or inconsistent charges can damage trust and push users back toward cash.
Regulators will be watching implementation consistency across banks and consumer-protection compliance, including dispute resolution for wrongly applied charges.
Echotitbits take: Small charges scale quickly. Watch for uniform application, clear customer notices, and whether fees trigger a shift to wallets/USSD alternatives—or a return to cash.
Source: The Punch – https://punchng.com/banks-to-charge-%E2%82%A650-stamp-duty-on-transfers-above-%E2%82%A610000-from-january-1/ 11 January 2026
The Punch 2026-01-11
Photo Credit: The Punch