Cardoso.webp
The Digest:

A ₦50 stamp duty on electronic transfers above ₦10,000 will take effect January 1, payable by the sender, adding to existing bank fees and deepening financial pressure on households.

Key Points:
  • The charge is a government levy separate from regular bank transfer fees.
  • It applies only to transfers over ₦10,000 and is deducted per transaction.
  • Previously paid by receivers, the fee will now be fully borne by senders.
  • Transfers under ₦10,000 and intra-bank self-transfers are exempt.
  • The change was observed in preliminary banking platform adjustments.
  • It arrives amid rising living costs, school fees, and post-holiday expenses.
  • Many Nigerians rely on frequent small transfers for daily survival and trade.
This new levy, introduced with little public communication, underscores the growing burden of silent fiscal policies on an already strained populace, where every added charge deepens the strain on tight household budgets.

Sources: Vanguard News