Banks to cost ₦50 stamp obligation price from January 1

Following the implementation of the Tax Act, banks will start charging a ₦50 stamp obligation on digital transfers of ₦10,000 and above from January 1, 2026.

The cost, formally referred to as the Digital Cash Switch Levy (EMTL), is a single, one-off ₦50 price utilized to digital receipts or transfers of funds deposited in any industrial financial institution or monetary establishment, on all account sorts, the place the transaction worth is ₦10,000 or extra.

In an e-mail despatched to prospects on Tuesday, United Financial institution for Africa (UBA) disclosed that the ₦50 EMTL will now be known as stamp obligation throughout all monetary establishments.

“Please word the next: Stamp Responsibility applies to transactions of ₦10,000 and above (or the equal in different currencies),” the e-mail learn.

UBA clarified that wage funds and intra-bank self-transfers are exempt from the cost. It additionally famous a key change in accountability for the levy, stating that the sender will now bear the stamp obligation, whereas it was beforehand deducted from the beneficiary/receiver.

The financial institution added that it stays dedicated to transparency and can proceed to maintain prospects knowledgeable of modifications affecting their banking transactions.

Will probably be recalled that on September 7, 2024, Nigerian monetary know-how (fintech) corporations introduced plans to introduce the identical ₦50 stamp obligation on transactions of ₦10,000 and above, explaining that the transfer was consistent with Federal Inland Income Service (FIRS) laws. They mentioned the price would apply to digital transfers into each private and enterprise accounts.