Nigerian banks will, from January 1, begin deducting a ₦50 stamp duty on all electronic transfers of ₦10,000 and above, following provisions of the newly implemented Tax Act.
The charge applies to eligible digital transactions, including bank transfers conducted via mobile apps, USSD codes, internet banking platforms, and other electronic channels.
According to the new regulations, the ₦50 stamp duty will be automatically deducted per qualifying transaction and remitted to the appropriate government authority. Transfers below ₦10,000 are exempt from the charge.
The policy is part of the federal government’s efforts to strengthen revenue generation and improve tax compliance within the digital financial system. However, the development has sparked mixed reactions among Nigerians, many of whom are already grappling with rising transaction costs and economic pressures.
Banks are expected to notify customers of the charges and ensure transparency in how the deductions are applied as the policy takes effect nationwide.
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