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The short answer
Since 1 January 2026 FirstBank deducts ₦50 stamp duty from the sender on each electronic transfer of ₦10,000 or more, under the Nigeria Tax Act 2025, which replaced the old Electronic Money Transfer Levy charged to the receiver. Transfers below ₦10,000, salary payments and transfers between your own accounts at the same bank are exempt; query a wrong deduction with FirstContact at firstcontact@firstbanknigeria.com.
A ₦50 debit labelled stamp duty is one of the most queried lines on Nigerian bank statements. It is not a FirstBank fee: the bank collects it for government and passes it on. What changed in 2026 is who pays it. This guide explains the rule as it stands, why FirstBank's older pages still describe the previous version, and what to do if you think a deduction is wrong. Legal points here are information, not tax advice.
The rule from 1 January 2026
- Amount
- ₦50 per qualifying transfer, charged once per transaction.
- Threshold
- Electronic transfers of ₦10,000 or more, or the foreign-currency equivalent.
- Who pays
- The sender. Under the old EMTL it was taken from the receiver.
- Legal basis
- The Nigeria Tax Act 2025, which replaced the EMTL.
- Exempt
- Transfers below ₦10,000; salary payments; transfers between your own accounts in the same bank.
Source: Techeconomy, 1 January 2026, citing a FirstBank customer notice. We could not open the notice itself on FirstBank's site, so the bank's own wording may differ in detail.
Why FirstBank's FAQ says something different
FirstBank's FAQ, checked in October 2026, still says stamp duty applies to credits above ₦10,000 into savings or current accounts and costs ₦50 'for each cash received'. That describes the pre-2026 position, when the charge was levied on money coming in. It is an older answer that has not caught up with the change. If a FirstBank staff member quotes the receiver rule, point them to the bank's January 2026 notice.
What you will see on your statement
| Transaction (examples) | Stamp duty? | Why |
|---|---|---|
| You send ₦25,000 to a friend at another bank | Yes, ₦50 from you | Sender pays on ₦10,000+ |
| You send ₦9,500 to a friend | No | Below ₦10,000 |
| You receive ₦100,000 from a customer | No, the sender's bank charges them | Sender pays since 2026 |
| You move ₦200,000 from your FirstBank savings to your FirstBank current account | No | Own accounts, same bank |
| Your employer pays your ₦300,000 salary | No | Salary exemption |
| You move ₦50,000 from FirstBank to your own account at another bank | Check your statement | The reported exemption covers own accounts at the same bank |
Worked example: a month of transfers
Example only. In October, Chidi sends four transfers: ₦15,000, ₦8,000, ₦40,000 and ₦120,000. Three are ₦10,000 or more, so he pays 3 × ₦50 = ₦150 in stamp duty. The ₦8,000 transfer is exempt. Transfer fees are separate; see First Bank transfer charges. If he had instead received the same four payments, he would pay no stamp duty on them, though the people who sent them would.
Stamp duty, VAT and fees are different things
A single transfer can produce several small debits, and it helps to know which is which before you complain. The transfer fee is FirstBank's charge for moving the money, set within the CBN's bands. VAT at 7.5% is a tax on that fee, so it rises and falls with the fee. Stamp duty is a separate flat ₦50 that does not depend on the fee or on how large the transfer is above ₦10,000: a ₦10,000 transfer and a ₦5,000,000 transfer each attract the same ₦50. Only the transfer fee is something FirstBank sets for itself. VAT and stamp duty are collected for government, so the bank cannot waive them, but it should correct any that were taken in error.
When a deduction looks wrong
Common cases are a ₦50 deduction on money you received in 2026, a charge on a transfer under ₦10,000, a charge on salary, or two deductions on one transfer. Each should be queried.
- Download a statement covering the period (see getting a First Bank statement).
- Mark each stamp duty line and the transaction it relates to.
- Email firstcontact@firstbanknigeria.com with your account number, the dates, the amounts and why you think each is wrong. Do not send your PIN or password.
- Keep the reference number. If the bank does not resolve it, you can escalate to the CBN's Consumer Protection Department with proof that you complained to the bank first. See First Bank complaint escalation.
Common questions about the change
People often ask whether the duty is charged twice when money passes through two banks. The rule as reported is a one-off charge per transaction, taken from the sender's side. Another question is whether a failed transfer that is reversed should keep the stamp duty. If the transfer did not complete and the principal came back, ask the bank to reverse the duty with it. Business owners also ask about payments from customers: since 2026 those customers pay the duty, not the business receiving the money, which removes a cost that used to fall on traders with many incoming payments. Businesses matching many incoming transfers may find our guide to payment reconciliation useful.
For dollars and other currencies, the threshold is the foreign-currency equivalent of ₦10,000, so small foreign transfers can also attract the charge.
Where Pryme fits
Pryme applies the same national rules on Naira transfers and shows charges on their own line before you approve. See sending money with Pryme.
Questions people ask
Why did First Bank deduct ₦50 stamp duty from my account?
Since 1 January 2026, ₦50 stamp duty is charged to the sender on each electronic transfer of ₦10,000 or more under the Nigeria Tax Act 2025.
Does First Bank charge stamp duty on money received?
Not since 1 January 2026, according to reports of FirstBank's notice; the sender now pays. FirstBank's older FAQ still describes the receiver rule.
Is stamp duty charged on transfers below ₦10,000?
No. Transfers below ₦10,000 are exempt, as are salary payments and transfers between your own accounts at the same bank.
How do I get a stamp duty deduction refunded by First Bank?
Email firstcontact@firstbanknigeria.com with the dates and amounts, keep the reference, and escalate to the CBN Consumer Protection Department if it is not resolved.
Sources
- Techeconomy: Stamp duty replaces EMTL, sender to bear N50 charge on bank transfers (1 Jan 2026) · accessed Oct 2026
- FirstBank: Frequently asked questions · accessed Oct 2026
- CBN: Consumer Protection complaints management · 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.