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The short answer
The Electronic Money Transfer Levy (EMTL) no longer applies in its old form: from 1 January 2026, under the Nigeria Tax Act 2025, it was replaced by a ₦50 stamp duty on electronic transfers of ₦10,000 or more. The old levy was taken from the receiver; the new duty is deducted from the sender. Transfers under ₦10,000, salary payments and transfers between your own accounts at the same institution are exempt.
Many Nigerians still search for the EMTL because the ₦50 deduction looked the same before and after January 2026. What changed is who pays it and the law behind it. This explainer covers the old levy, the new duty, the exemptions banks and fintechs publish, and how to see whether you were charged correctly.
What the EMTL was
The Electronic Money Transfer Levy was a ₦50 charge on electronic receipts of ₦10,000 or more. As TechCabal reported on 22 December 2025, it was paid by the receiver: if someone sent you ₦10,000 or more, your bank deducted ₦50 from what landed in your account.
What replaced it from 1 January 2026
Under the Nigeria Tax Act 2025, the charge is now a stamp duty on the transfer itself, and the sender bears it. Techeconomy, citing a First Bank customer notice, described it on 1 January 2026 as a one-off ₦50 per qualifying transfer of ₦10,000 or more, or the foreign-currency equivalent. Kuda's help centre and Moniepoint's support pages describe the same rule: the sender pays, and inflows are no longer charged.
| EMTL (until 31 Dec 2025) | Stamp duty (from 1 Jan 2026) | |
|---|---|---|
| Amount | ₦50 | ₦50 |
| Trigger | Receiving ₦10,000 or more | Sending ₦10,000 or more |
| Who pays | Receiver | Sender |
| Legal basis | Earlier finance legislation | Nigeria Tax Act 2025 |
When the ₦50 is charged and when it is not
Charged
- A single transfer of exactly ₦10,000 or any larger amount, sent electronically, whether to the same bank or another bank (Moniepoint states both intra- and interbank transfers are covered).
- Foreign-currency transfers of the equivalent value, per the Techeconomy report.
- On some wallets, a top-up: Carbon's FAQ says ₦50 applies to every top-up of ₦10,000 or more.
Exempt, as published
- Transfers below ₦10,000.
- Salary payments (Techeconomy, Kuda).
- Transfers between your own accounts at the same institution. Kuda exempts transfers between your own personal Kuda accounts and between your own Kuda Business accounts; Moniepoint says its only exemption is between your own Moniepoint accounts that share the same BVN.
Worked example: what a transfer costs you
Example only. Suppose you send ₦50,000 from a bank account to a friend at another bank, and the bank charges the transfer-fee band in the CBN Guide to Charges (effective 1 January 2020) for amounts from ₦5,001 to ₦50,000, which is ₦25.
| Item | Amount |
|---|---|
| Transfer | ₦50,000.00 |
| Transfer fee (band in CBN 2020 guide) | ₦25.00 |
| VAT at 7.5% on the fee | ₦1.88 |
| Stamp duty (₦10,000 or more) | ₦50.00 |
| Total leaving your account | ₦50,076.88 |
If you sent ₦9,900 instead, there would be no stamp duty. Splitting one payment into several transfers below ₦10,000 to avoid the duty may breach the tax rules and usually costs more in transfer fees, so it is not a saving. Moniepoint also notes that the duty cannot be waived, and that if your balance is too low it may be deducted once your balance allows.
What it means for businesses and people abroad
For a business, the change moves the cost to the payer. A shop that receives many transfers of ₦10,000 or more from customers no longer loses ₦50 on each inflow; instead each customer's bank deducts it from the customer. A business that pays suppliers now bears ₦50 on each qualifying payment it sends, which adds up quickly on a busy month of supplier runs. Salary payments are listed as exempt by Techeconomy and Kuda, so payroll should be sent as salary and labelled clearly rather than as general transfers.
For Nigerians abroad sending money home, Techeconomy notes the duty also applies to the foreign-currency equivalent of ₦10,000 on qualifying electronic transfers. How a particular remittance service or receiving bank treats an inbound international payment is not set out in the sources we read, so check the provider's own notice before assuming you will or will not see the charge.
How to check you were charged correctly
- Open the transfer in your app or statement. The duty normally appears as a separate debit line, often labelled stamp duty or a similar narration.
- Confirm the amount was ₦10,000 or more and that you were the sender.
- If you were charged as a receiver after 1 January 2026, or charged on a transfer below ₦10,000, raise it with your bank. Our guide on disputing a bank charge sets out how to escalate.
- Keep your statement for any tax or business records; payment reconciliation explains how businesses match each debit.
For a fuller view of all the charges that can sit on a transfer, read the ₦50 stamp duty explained and transfer charge bands.
Where Pryme fits
When you send money with Pryme, check the charges shown on the confirmation screen before you approve. Business owners paying staff can keep salary runs clearly labelled through payroll, which helps when a salary exemption is being applied.
Questions people ask
Is EMTL still charged in Nigeria in 2026?
Not as the EMTL. From 1 January 2026 it was replaced by a ₦50 stamp duty on transfers of ₦10,000 or more, paid by the sender.
Why was I charged ₦50 for a transfer?
If you sent ₦10,000 or more electronically, the ₦50 is stamp duty under the Nigeria Tax Act 2025. It is separate from any transfer fee.
Do I pay ₦50 when I receive money now?
Under the 2026 rules the sender pays, not the receiver. Some wallets apply ₦50 on top-ups of ₦10,000 or more, so read your provider's notice.
Is transfer between my own accounts charged stamp duty?
Banks and fintechs exempt transfers between your own accounts at the same institution. Transfers to your own account at a different bank are not covered by that exemption.
Sources
- Techeconomy: Stamp duty replaces EMTL, sender to bear ₦50 charge on bank transfers (1 Jan 2026) · accessed Oct 2026
- Kuda Help: An important update about stamp duty (Jan 2026) · accessed Oct 2026
- Moniepoint Support: Stamp duty · accessed Oct 2026
- TechCabal: Why your ₦50,000 transfer will cost ₦100 from 2026 (22 Dec 2025) · accessed Oct 2026
- CBN: Guide to Charges by Banks, Other Financial and Non-Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
- Carbon: FAQs · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.