Bank customers initiating electronic transfers must now cover the Electronic Money Transfer Levy. GTBank has officially announced that the N50 stamp duty liability has shifted directly to the sender.
Previously, this fee was deducted from the recipient’s account.
This reversal represents a significant change in how digital transactions are billed across the country. It forces originators to account for additional costs before authorizing payments.
Implementation of the Nigeria Tax Act
The policy adjustment is not an arbitrary bank decision. Rather, it ensures strict compliance with the Nigeria Tax Act 2025.
According to a client notification released on Tuesday, the legislation formally took effect on January 1, 2026.
Consequently, financial institutions are mandating that the initiator settles the tax. The rule applies specifically to electronic transfers valued at N10,000 or above.
Transparency and Exemptions
GTBank clarified that this levy is separate from standard network or service fees.
To ensure transparency, the bank confirmed that the charge will appear on the transaction screen before completion. This allows users to view the total deduction upfront.
However, not every transfer will trigger the N50 stamp duty. The lender outlined three specific categories that remain tax-free:
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Transfers involving amounts under N10,000.
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Salary payments.
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Transfers between a customer’s own GTBank accounts.
Official Bank Notice
The bank urged customers to review their payment details carefully to accommodate the extra expense.
In their communication to accountholders, the institution reiterated the legal basis for the switch.
“Please be reminded that, in line with the Nigeria Tax Act 2025, which took effect from January 1, 2026, the ₦50 stamp duty on electronic bank transfers of ₦10,000 and above is paid by the sender of the transaction and not the receiver,” the email notice read.
Ultimately, this move aligns the banking sector with the federal government’s updated revenue collection strategies.
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