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Nigeria will charge senders N50 on electronic transfers over N10,000 starting Jan. 1, 2026.
Starting January 1, 2026, Nigerian banks will charge senders a N50 stamp duty on electronic transfers over N10,000, shifting the fee from recipients to senders.
The levy, part of the 2026 Tax Act and aligned with FIRS regulations, applies to all electronic transfers into bank or financial institution accounts, excluding salary payments and intra-bank transfers.
United Bank for Africa confirmed the change, which follows a similar fee adopted by some fintech firms in September 2024.
Banks must inform customers of the update as part of a broader effort to modernize financial taxation in Nigeria.
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Nigeria cobrará a los remitentes N50 por transferencias electrónicas superiores a N10,000 a partir del 1 de enero de 2026.