Guaranty Trust Bank (GTBank) has issued a fresh notice to customers regarding updates to Nigeria’s stamp duty framework following the implementation of the Nigeria Tax Act 2025, which took effect on January 1, 2026. In a message sent to customers on Tuesday, the bank stated that the ₦50 stamp duty on electronic transfers of ₦10,000 and above will now be paid by the sender, not the recipient. The notice read, “Please be reminded that, in line with the Nigeria Tax Act 2025, which took effect from January 1, 2026, the N50 stamp duty on electronic bank transfers of N10,000 and above is paid by the sender of the transaction and not the receiver.” The bank also confirmed that transfers below ₦10,000, salary payments, and transfers between a customer’s own GTBank accounts remain exempt.
GTBank emphasised that the stamp duty charge is separate from standard transfer fees and will be displayed clearly before transaction finalisation, enabling customers to view all applicable charges in advance. The Federal Government introduced the revised arrangement to eliminate disputes, improve compliance, and standardise revenue collection, stating that stamp duty supports funding for public infrastructure and services. While the policy has drawn mixed public reactions, with concerns about rising transaction costs, the bank urged customers to take note and plan transfers accordingly, as fintech firms across the country also begin adopting the updated framework.