From January 2026, millions of Nigerians will enjoy relief from five common bank charges as the Federal Government implements major tax and financial reforms.
The initiative is part of President Bola Ahmed Tinubu’s sweeping fiscal overhaul, signed into law on June 26, 2025, designed to ease the cost of doing business and reduce financial pressure on households and small businesses.
The first charge to be abolished is the ₦50 Electronic Money Transfer Levy (EMTL). This levy, previously applied to electronic transfers above ₦10,000, will be completely removed. Its elimination is expected to deepen financial inclusion, encourage digital payments, and reduce transaction costs for individuals and businesses across the country.
Stamp duty on salary transfers is also set to be removed. Currently, both employees and employers pay stamp duty on salary payments, but from January 2026, these charges will no longer apply. This reform allows workers to receive their full salaries and reduces payroll costs for businesses, particularly small and medium-sized enterprises.
In addition, stamp duties on investment transactions will be abolished. Charges on buying or selling treasury bills, government bonds, and shares will no longer apply. This change is aimed at making investing more affordable and encouraging broader participation in Nigeria’s capital market.
Documents required for processing stock or share transfers will also no longer attract stamp duties. Removing this requirement simplifies investment documentation and lowers compliance costs for market operators, making it easier for individuals and institutions to manage their investments.
Finally, the ₦50 fee for transferring money between accounts within the same bank will be discontinued. Customers will now be able to transfer funds freely between personal or related accounts, improving cash flow management without incurring additional charges.
According to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, these changes stem from new provisions in the Nigeria Tax Act 2025, which explicitly exempts certain stamp duties and rolls back earlier rules under the Stamp Duties Act and Finance Act 2020.