GTBank drops ‘who pays’ for transfers between sender-receiver, effective Jan. 1st
GTBank
Guaranty Trust Bank Ltd has made public a change to the application of stamp duty charges on electronic bank transfers, in line with provisions of the newly enacted Nigeria Tax Act 2025.
In a customer notice, the bank announced that with effect from January 1, 2026, the statutory ₦50 stamp duty on electronic transfers of ₦10,000 and above will now be borne by the sender of the transaction, rather than the receiver.
The bank explained that the adjustment follows regulatory changes introduced under the new tax regime and is aimed at standardising the application of stamp duty across electronic payment platforms.
According to the notice, transfers below ₦10,000 will remain fully exempt from the stamp duty charge. In addition, salary payments and transfers between accounts held within Guaranty Trust Bank Ltd will not attract the ₦50 levy.
GTBank clarified that the stamp duty charge is distinct from regular electronic transfer fees and will be transparently displayed to customers at the point of transaction, ensuring users are fully informed before completing any transfer.
The bank assured customers of its commitment to regulatory compliance while maintaining transparency in its pricing structure, encouraging users to familiarise themselves with the changes ahead of the January 1 implementation date.
The Nigeria Tax Act 2025 introduced a range of fiscal reforms designed to harmonise tax administration and improve revenue collection, with the revised stamp duty framework forming part of broader efforts to modernise the country’s financial and payment systems.
GTBank thanked customers for their continued patronage, reiterating its dedication to providing clear communication and seamless banking services amid evolving regulatory requirements.
