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The short answer
Since 1 January 2026, under the Nigeria Tax Act 2025, a flat ₦50 stamp duty is charged to the sender on each electronic transfer of ₦10,000 or more (or the foreign-currency equivalent). Transfers below ₦10,000, salary payments and transfers between your own accounts at the same institution are exempt, though how each bank applies the own-account exemption differs.
The ₦50 is not new money for the government, but who pays it is new. Until the end of 2025 the Electronic Money Transfer Levy (EMTL) of ₦50 was usually taken from the person receiving ₦10,000 or more. From 2026 the charge sits with the sender, and it is now called stamp duty.
What changed on 1 January 2026
| Until 31 Dec 2025 (EMTL) | From 1 Jan 2026 (stamp duty) | |
|---|---|---|
| Amount | ₦50 | ₦50 |
| Threshold | Receipts of ₦10,000+ | Transfers of ₦10,000+ (or FX equivalent) |
| Who pays | Usually the receiver | The sender |
| Basis | Previous law | Nigeria Tax Act 2025 |
TechCabal's December 2025 explainer and Techeconomy's report of 1 January 2026, which relies on a First Bank customer notice, both describe this shift. Kuda's help centre and Moniepoint's support pages say the same for their customers.
When the ₦50 applies
- ₦10,000 and above. The threshold includes ₦10,000 itself: "₦10,000 or more" in the bank notices.
- Once per transfer, not per ₦10,000. A ₦10,000 transfer and a ₦900,000 transfer each attract ₦50.
- Intra-bank and interbank. Moniepoint states it applies to transfers within Moniepoint and to other banks.
- Foreign currency. Transfers of the FX equivalent of ₦10,000 or more are covered, per the Techeconomy report.
The exemptions, and how banks read them
The reported exemptions are transfers below ₦10,000, salary payments and transfers between your own accounts at the same bank. The detail differs between institutions:
| Institution | Own-account exemption as stated |
|---|---|
| First Bank (notice reported by Techeconomy) | Intra-bank self-transfers between your own accounts at the same bank |
| Kuda | Between your own personal Kuda accounts, and between your own Kuda Business accounts; salary payments exempt |
| Moniepoint | Only between your own Moniepoint accounts with matching BVN; it says the duty cannot be waived |
If you move money from your account at one bank to your own account at another bank, none of these pages treats that as exempt. Ask your bank how it reads the rule before assuming.
Worked example: one month of transfers
Example only. Ada makes these transfers in a month:
| Transfer | Amount | Stamp duty |
|---|---|---|
| Market vendor | ₦6,500 | ₦0 (below ₦10,000) |
| Rent contribution to sibling | ₦45,000 | ₦50 |
| Gift to a friend | ₦3,000 | ₦0 (below ₦10,000) |
| School fees | ₦180,000 | ₦50 |
| Own savings account at same bank | ₦20,000 | ₦0 if the bank treats it as exempt |
| Tailor | ₦10,000 | ₦50 |
Total stamp duty: 3 × ₦50 = ₦150. If her bank does not treat the own-account move as exempt, it would be ₦200. Separately, the bank's transfer fee and VAT on that fee still apply; under the CBN Guide to Charges the fee for an interbank transfer between ₦5,001 and ₦50,000 is up to ₦25, plus 7.5% VAT, as shown in Moniepoint's VAT example.
Businesses, receivers and refunds
A few situations cause confusion:
- Receiving money. Since January 2026 the receiver should not see a ₦50 deduction on an inflow. Kuda's help centre says the duty is no longer charged on inflows.
- Paying staff. Salary payments are exempt in the bank notices. Kuda's business page links this to salaries run through its payroll tool, so ask your bank how it identifies a salary payment before assuming every staff transfer is exempt.
- Paying many suppliers. Each qualifying transfer is charged separately. A business making 200 supplier payments of ₦10,000 or more in a month would pay 200 × ₦50 = ₦10,000 in stamp duty for that month (example only).
- Failed or reversed transfers. None of the pages we read says whether the duty is refunded when a transfer fails and is reversed. If it is not returned with the principal, ask the bank.
Splitting a payment into smaller transfers to stay under ₦10,000 may avoid the duty on paper, but each transfer may attract its own transfer fee, and the obligation to pay tax sits with the law, not the channel. Pay the way that suits the transaction.
Checking your statement
- Look for a narration with "stamp duty" or similar against each transfer of ₦10,000 or more.
- Check that inflows no longer carry a ₦50 deduction; since January 2026 the receiver should not pay.
- Check salary credits and own-account moves against your bank's stated exemptions.
- If something looks wrong, complain to the bank first; see complaint timelines.
Wallet providers and payment service banks apply the duty too; the Smartcash PSB report of March 2026 notes it still applies above ₦10,000 even where the transfer is free. For more on how wallet and bank transfers differ, read transfer to a wallet vs a bank account, and for transfer caps see bank transfer limits.
This is general information on a tax charge, not tax advice. The authority for the charge is the Nigeria Tax Act 2025 and the Nigeria Revenue Service; the descriptions here come from bank notices and reports dated December 2025 and January 2026.
Questions people ask
Who pays the ₦50 stamp duty on transfers now?
The sender, since 1 January 2026 under the Nigeria Tax Act 2025. Before that the ₦50 EMTL was usually taken from the receiver.
Is stamp duty charged on transfers below ₦10,000?
No. Transfers below ₦10,000 are exempt. A transfer of exactly ₦10,000 attracts ₦50.
Do I pay stamp duty when I transfer to my own account?
Between your own accounts at the same bank, usually not. Moniepoint limits this to its own accounts with matching BVN. Transfers to your account at another bank are not shown as exempt.
Is the ₦50 stamp duty charged on every ₦10,000?
No. It is a flat ₦50 per qualifying transfer, whatever the amount above ₦10,000.
Sources
- Techeconomy: Stamp duty replaces EMTL, sender to bear ₦50 charge on bank transfers (1 January 2026) · accessed Oct 2026
- TechCabal: Why your ₦50,000 transfer will cost ₦100 from 2026 (22 December 2025) · accessed Oct 2026
- Kuda Help: An important update about stamp duty (5 January 2026) · accessed Oct 2026
- Moniepoint Support: Stamp Duty · accessed Oct 2026
- Central Bank of Nigeria: Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 January 2020) · accessed Oct 2026
- TechCabal: Smartcash offers savings interest as user base hits 3 million (4 March 2026) · 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.