Nigerians to stop paying five bank charges
The Federal Government of Nigeria will scrap five commonly applied bank charges starting January 2026, offering financial relief to millions of Nigerians.
This change comes under the broader tax reform agenda signed into law by President Bola Ahmed Tinubu on June 26, 2025, designed to reduce the cost of business, support households, and encourage economic growth.
The ₦50 Electronic Money Transfer Levy (EMTL), which applies to transfers above ₦10,000, will be completely removed.
This charge has affected millions of electronic transactions daily.
Eliminating it is expected to boost digital payments and make small transfers cheaper for individuals and businesses.
Stamp duty on salary payments, previously shared by employers and employees, will also be scrapped.
Workers will receive full salaries, and small and medium-sized enterprises will see reduced administrative costs.
Investors in treasury bills, government bonds, and shares will no longer pay stamp duties on transactions.
Charges on documents used for stock or share transfers will also end, making capital market investments simpler and more affordable for Nigerians.
Additionally, the ₦50 fee on transfers between accounts within the same bank will be discontinued.
This will allow customers to move funds between personal or related accounts without extra costs, improving cash flow for both individuals and businesses.
The reforms follow new provisions in the Nigeria Tax Act 2025, which specifically remove previous stamp duties and reverse earlier rules under the Stamp Duties Act and Finance Act 2020.
The government said these measures are part of a wider plan to support citizens and encourage economic activity across the country.
