Starting January 1, 2026, banks in Nigeria will begin charging a N50 stamp duty on all electronic transfers above N10,000. The move follows a directive from the Federal Inland Revenue Service (FIRS) as part of efforts to boost revenue through the implementation of the Finance Act.
The FIRS clarified that the charge applies per transaction, not per account. This means customers making multiple transfers above N10,000 will be charged N50 for each one. The policy affects transfers through mobile apps, internet banking, and point-of-sale (PoS) terminals. However, salary accounts, interbank transfers between the same account holder, and government accounts remain exempt.
Banks have started notifying their customers via emails and text messages about the new deductions. Some customers have expressed concerns about the financial burden this may cause, especially amid rising inflation and cost of living.
In response to public reactions, FIRS Chairman, Zacch Adedeji, said the policy aligns with the Stamp Duties Act and aims to support national development. “We understand the concerns, but every citizen must contribute to building a stronger economy,” he said.
Experts believe the charges may push more Nigerians to explore cash-based transactions to avoid fees, potentially affecting financial inclusion efforts. Others argue that consistent communication and transparency will help Nigerians adjust.
Meanwhile, civil society groups have urged the government to review the policy and consider its impact on low-income earners and small businesses already struggling with multiple levies.
