N50 Transfer Fee to Take Effect January 1 Under Tinubu Administration

A new charge structure on electronic transfers is set to take effect on January 1, according to preliminary system adjustments observed across several banking platforms
ahead of the new year.

The update introduces a ₦50 stamp duty on electronic money transfers above ₦10,000 — a government-imposed levy separate from the standard bank transaction fees customers already pay.

The existing bank charges remain unchanged, meaning Nigerians will now pay both their regular bank fees and the additional ₦50 government stamp duty on qualifying transfers.

In a major shift, the ₦50 levy that was previously paid by receivers will now be paid by senders.

This means every sender transferring above ₦10,000 will bear the full cost of the stamp duty, in addition to the normal transfer fees charged by their bank.

The new levy applies only to transfers above ₦10,000 and will now be deducted per transaction.

Transfers below ₦10,000 remain exempt, as do transfers between accounts owned by the same individual within the same bank.

However, for millions of Nigerians who rely on frequent, small-value transfers for daily survival, this additional government charge — on top of existing banking costs — is poised to strain households already operating on thin margins.

The quiet implementation has raised growing concern among consumers who have noticed a steady rise in transaction-related charges in recent months. With January historically being one of the toughest financial periods for households,marked by school fees, rent renewals, food inflation, and post-holiday expense, many are questioning the timing and the apparent lack of public communication about a change that directly affects everyday financial activity.

Digital transfers remain one of the most essential tools in daily Nigerian life. From business settlements and informal trade transactions to family support and emergency needs, most citizens depend on repeated electronic transfers rather than large, one-off payments. With more than 70% of transfers falling below ₦20,000, the cumulative impact of the ₦50 levy, when added to existing bank fees, is expected to significantly increase monthly transaction costs for individuals and small businesses alike.

For many Nigerians, the concern extends beyond the levy itself. The broader pattern of rising financial pressure has eroded household resilience over time.

Food prices continue to climb, transportation costs remain high, incomes stagnate, and various service fees pile up quietly in the background. Introducing a government stamp duty at the start of the year, and doing so with limited awareness, has strengthened fears that more cost-heavy policies may be introduced in 2026 without adequate public communication.

Questions continue to mount. Why is such a significant cost being quietly introduced at the start of the year? Why was there no widespread announcement or public sensitization? And what other policy shifts might be coming that Nigerians have not yet been informed about?