Echotitbits – Nigeria News

Tag: electronic transfers

  • Banks begin passing ₦50 stamp duty on eligible transfers to senders under tax changes

    Banks begin passing ₦50 stamp duty on eligible transfers to senders under tax changes

    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

  • Banks begin N50 stamp-duty charge on transfers above N10,000 from Jan 1

    Banks begin N50 stamp-duty charge on transfers above N10,000 from Jan 1

    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