Always Visit www.NaijaCover.Com

Posted By Udokabestluv On November 18th, 2025

From January 2026, millions of Nigerians will enjoy relief from five common bank charges as the Federal Government rolls out major tax and financial reforms.

These changes, TRIBUNE ONLINE gathered, are part of President Bola Ahmed Tinubu’s sweeping fiscal overhaul — signed into law on June 26, 2025 — aimed at easing the cost of doing business and reducing financial pressure on households and small businesses.

Here are the five charges that will be abolished:

1. ₦50 Electronic Money Transfer Levy (EMTL)

This levy, charged on electronic transfers above ₦10,000, will be completely scrapped.
Its removal is expected to:

*Deepen financial inclusion

*Encourage digital payments

*Reduce transaction costs for individuals and businesses

2. Stamp Duty on Salary Transfers

Both employees and employers currently pay stamp duty on salary payments. From January 2026, these charges will no longer apply—allowing workers to receive their full salaries and reducing payroll costs for businesses, especially SMEs.

3. Stamp Duties on Investment Transactions

Charges on buying or selling treasury bills, government bonds, and shares will be abolished. This reform will:

*Make investing more affordable

*Encourage broader participation in the capital market

4. Stamp Charges on Stock or Share Transfer Documents

Documents required for processing stock or share transfers will no longer attract stamp duties. This simplifies investment documentation and lowers compliance costs for market operators.

5. ₦50 Charge on Transfers Within the Same Bank

The ₦50 fee for moving money between accounts held in the same bank will be discontinued. This allows customers to:

*Transfer funds freely between personal or related accounts

*Enjoy better cash flow management without extra 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 introduces explicit stamp duty exemptions and rolls back earlier rules under the Stamp Duties Act and Finance Act 2020.

Source: https://tribuneonlineng.com/five-bank-charges-nigerians-will-stop-paying-from-january-2026/