Bank customers initiating transfers will now bear the cost of the Electronic Money Transfer Levy. Consequently, Guaranty Trust Bank (GTBank) has confirmed that the N50 stamp duty liability has shifted from the receiver to the sender.
Specifically, this policy change aligns with the Nigeria Tax Act 2025. Notably, the legislation became effective on January 1, 2026.
According to a notification sent to clients on Tuesday, the new regulation applies exclusively to electronic transfers of N10,000 or above. In contrast, the burden of this levy previously fell on the recipient.
Understanding the New Charge
Moreover, GTBank clarified that this deduction is distinct from standard bank transfer fees.
Additionally, the bank stated that the charge will be visibly displayed before a user completes a transaction. Therefore, customers can see the total cost upfront to ensure transparency.
As a result, the lender advised users to review their transfer details carefully to accommodate the extra cost.
Key Exemptions to the Rule
However, not every transaction will attract the N50 stamp duty. In fact, the bank outlined specific scenarios where the levy does not apply.
Explicitly, according to the update, the following are exempt:
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Transfers under N10,000.
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Salary payments.
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Transfers made between a customer’s own GTBank accounts.
Official Communication
Furthermore, the bank emphasized that this adjustment is part of a broader compliance effort across the financial sector.
“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 development is expected to streamline tax compliance nationwide.
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