Nigerians face ₦50 Stamp Duty on Bank Transfers Above ₦10,000
Questions linger on why such measure is being introduced with little awareness.
Starting January 1, Nigerians will pay an additional ₦50 stamp duty on electronic money transfers exceeding ₦10,000 according to system updates spotted across multiple banking platforms in recent days.
This government-mandated levy comes on top of existing bank transfer fees, effectively creating a dual-charge system for transactions above the threshold. While regular banking charges remain in place, customers will now shoulder both costs whenever they send more than ₦10,000 to another account.
The stamp duty applies per transaction and exempts only two categories: transfers below ₦10,000 and same-customer transfers within a single bank. All other electronic money movements above the threshold will attract the charge.
The timing has sparked concern among consumers already navigating a challenging economic period. January traditionally brings heavy expenses including school fees, rent payments, and rising food costs following the holiday season. Many Nigerians are questioning why such a measure is being introduced now, and with little advance public notice.
Electronic transfers have become central to daily Nigerian commerce. From market transactions and business payments to family remittances and urgent needs, most people rely on frequent, modest-sized transfers rather than occasional large payments. Industry data suggests over 70% of transfers fall below ₦20,000, meaning the cumulative monthly impact could be substantial for individuals and small enterprises.
The broader context matters too. Household budgets face mounting pressure from multiple directions: persistent food inflation, elevated transport costs, flat incomes, and an accumulation of service charges across different sectors. Against this backdrop, adding a government levy at year’s start, particularly without wide public communication, has heightened anxiety about what other policy changes might emerge in 2026.
Key questions remain unanswered. Why introduce such a cost increase with limited public awareness? What informed the timing? And what other measures might be forthcoming that haven’t yet been communicated to the public?
As the new year approaches, millions of households are preparing to deal with another financial obligation in an economy where budgets are already overstretched.
