Bank transfers will look slightly different from January 2026, as Nigerians sending money face a new rule.
Bank Transfers New charge explained
First, banks have informed customers about a ₦50 stamp duty on transfers of ₦10,000 and above.
Under the new rule, senders will pay the charge, not receivers.
Previously, banks deducted the ₦50 Electronic Money Transfer Levy from beneficiaries’ accounts.
As a result, many customers criticised the system as unfair and unclear.
Now, the government places the cost on the person who initiates the transaction.
According to banks, this change improves transparency in digital financial transactions.
Key Exemptions
In addition, banks will display the ₦50 stamp duty separately from normal transfer fees.
Customers will therefore see the charge clearly before completing any transfer.
However, transfers below ₦10,000 will not attract the stamp duty.
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Likewise, employers will not pay the charge on salary payments.
Similarly, transfers between accounts within the same bank will remain stamp-duty free.
Broader Impact
Beyond transfers, the updated rules recognise electronic contracts under Nigerian law.
As a result, digital loan agreements now enjoy clearer legal protection.
Meanwhile, the government has introduced a flat ₦1,000 stamp duty on general agreements.
This new rate replaces percentage-based charges that often confused customers.
Banks say the flat rate helps people understand costs more easily.
Overall, electronic transfers play a vital role in Nigeria’s digital economy.
They support daily payments, salaries, business activity, and fintech services.
By charging senders, the system reduces disputes and unexpected deductions.
It also helps customers understand full transaction costs upfront.
Notably, the change comes as electronic transactions continue to grow rapidly.
By mid-2025, EMTL revenue exceeded government targets.
Consequently, this performance strengthened non-oil revenue during weak oil earnings.
From 2026, the new framework promises clearer and fairer digital payments.
