Banks will start charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act.

Starting January 1, 2026, Nigerian banks will charge a N50 stamp duty on electronic transfers of N10,000 and above, excluding ...

The Federal Government has announced changes to the collection of stamp duties on electronic bank transfers, with the N50 stamp duty now to ...

Discover how to transfer money between different banks efficiently. Learn about types, benefits, and limitations of external financial transfers.

Discover how the Electronic Fund Transfer Act safeguards consumers during electronic fund transfers, limiting liability and ensuring error correction through ATMs, debit cards, and more.

The Budget Office of the Federation (BFO) has projected that in 2023, the Nigerian government will generate N136.3 billion as revenue from a projected 2.7 billion volume of eligible online transfers.

This was disclosed in notices sent by Nigerian banks to their customers ahead of the policy’s implementation. The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of ₦50 ...