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The short answer
Since 1 January 2026, under the Nigeria Tax Act 2025, a flat ₦50 stamp duty applies to electronic transfers of ₦10,000 or more, and it is now deducted from the sender rather than the receiver as under the old electronic money transfer levy. A ₦50 'stamp duty' line on your Zenith account is that charge; transfers below ₦10,000, salary payments and transfers between your own accounts at the same bank are reported as exempt.
Many Zenith Bank customers see a ₦50 debit labelled stamp duty and wonder whether it is a bank fee. It is not: it is a federal government charge that every Nigerian bank and fintech collects and passes on. What changed in 2026 is who pays it. This guide explains the rule, the exemptions and what to do if you think you were charged wrongly.
The rule in 2026
Reporting by Techeconomy (1 January 2026) and TechCabal (22 December 2025) sets out the change under the Nigeria Tax Act 2025:
- Amount
- ₦50, flat, once per qualifying transfer
- Threshold
- Electronic transfers of ₦10,000 or more, or the foreign-currency equivalent
- Who pays
- The sender, from 1 January 2026
- Before 2026
- The electronic money transfer levy (EMTL), ₦50 on receipts of ₦10,000 or more, typically taken from the receiver
- Exempt (as reported)
- Transfers below ₦10,000; salary payments; transfers between your own accounts at the same bank
The exemptions above come from a First Bank customer notice cited by Techeconomy and are echoed by other institutions' notices. Zenith had not published its own stamp duty notice on the pages we could read in October 2026, so if a specific case matters, ask Zenith how it applies the exemptions. Our explainer on the ₦50 transfer levy covers the background.
What you will see on a Zenith account
| Your transaction | Stamp duty expected |
|---|---|
| Send ₦8,000 to a friend at another bank | None (below ₦10,000) |
| Send ₦10,000 to a supplier | ₦50, charged to you as sender |
| Receive ₦250,000 from a customer | None to you from 2026; the sender's bank charges the sender |
| Move ₦100,000 between your own two Zenith accounts | Reported as exempt |
| Employer pays your salary | Reported as exempt |
Worked example (illustrative only)
Example: you send ₦60,000 to another bank. Taking the CBN's 2020 fee band for transfers above ₦50,000, the bank fee is up to ₦50, VAT at 7.5% on that fee is ₦3.75, and stamp duty is ₦50. The total cost would be up to ₦103.75, and ₦60,103.75 would leave your account. Check Zenith's current fee in the app; see Zenith transfer charges.
Stamp duty, EMTL and the old receipt-based duty
The ₦50 charge has had several names, which is why bank narrations vary. Before the EMTL, banks applied a ₦50 stamp duty on receipts of ₦10,000 and above. The EMTL then took over the same ₦50 on electronic receipts. From January 2026, under the Nigeria Tax Act 2025, the charge is again called stamp duty, but it falls on the sender. TechCabal's December 2025 explainer put it simply: a ₦50,000 transfer that previously cost the sender the bank fee alone would now also carry ₦50 stamp duty. On your Zenith statement the line may read stamp duty, EMTL or a similar narration depending on the period; what matters is the date and whether you sent or received the transfer.
Why splitting transfers is a poor idea
Sending ₦9,999 several times to avoid a ₦50 charge usually costs more than it saves, because each transfer to another bank carries its own fee and its own SMS alert. Six transfers of ₦9,999 would each attract a transfer fee and an alert charge, which together can exceed ₦50. It can also look unusual to a bank's monitoring systems.
How to query a stamp duty charge
- Find the debit on your statement and the transfer it relates to.
- Check the amount was ₦10,000 or more, and that it was not a transfer between your own Zenith accounts.
- Check you were not charged twice for the same transfer, or charged as receiver after 1 January 2026.
- If something looks wrong, contact Zenith Direct on 01-292 7000 or zenithdirect@zenithbank.com (from Zenith's FAQ) with the dates and amounts.
- Ask for a reference and, if not resolved, escalate as described in Zenith complaint escalation.
Business accounts
For a business, the shift to the sender means your outgoing supplier and contractor payments now carry the charge, while customer payments into your account no longer do. Include it in your cost of payments. Salary payments are reported as exempt, so run payroll as salary payments where your bank supports it, rather than as ordinary transfers.
Where Pryme fits
Stamp duty is a government charge and applies across banks and fintechs, including when you send money from a Pryme naira account. For businesses, Pryme payroll is built for paying staff from a Business Account.
Questions people ask
Why did Zenith deduct ₦50 stamp duty from my account?
From 1 January 2026, a ₦50 stamp duty applies to electronic transfers of ₦10,000 or more, deducted from the sender under the Nigeria Tax Act 2025.
Do I pay stamp duty when I receive money in 2026?
As reported, no: the charge moved to the sender from 1 January 2026. The old EMTL was typically taken from the receiver.
Is stamp duty charged on transfers between my own Zenith accounts?
Notices cited in the press treat transfers between your own accounts at the same bank as exempt. Confirm Zenith's treatment if you see a charge.
Can Zenith refund stamp duty?
Only if it was charged in error, for example on a transfer below ₦10,000 or charged twice. Query it with Zenith Direct with the transaction details.
Sources
- Techeconomy: Stamp duty replaces EMTL, sender to bear ₦50 charge on bank transfers (1 Jan 2026) · 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-Bank Financial Institutions (effective 1 Jan 2020) · 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.