Chai! E don be o! Starting from January 1, 2026, if you dey send money wey reach N10,000 and above, you go gatz pay N50 stamp duty for any electronic transfer wey you make. Na wetin dem don announce for bank matter, and e go concern all of us wey dey use bank to transfer money.

Before we dey hear sey na the person wey receive the money go pay this stamp duty, but as the new law land, na you wey dey send money go carry this charge. You fit call am ‘sender’s responsibility’. United Bank for Africa (UBA) just drop the matter for customer email as dem don terms am stamp duty. Dem talk sey all financial institutions go dey use this new name.

But no be everything dey pay this N50 charge. Salary payments and transfers wey you dey do within your own account, like between your own accounts, go remain free. Na only transfer wey dey reach N10,000 and above go follow this new rule wey dey come from the new Tax Act.

Soon, na fintechs too go follow suit, as dem don already plan this waka since September 2024. For fintech side, the rise of this fee na to align with Federal Inland Revenue Service (FIRS) gudiya wey dey control money matter for Nigeria. So, you wey dey use fintech no go escape this charge either.

Before now, this N50 charge used to dey come from the payee side, but wey e don change reach sender, e go make plenty sense for financial clarity. The banks don promise sey any charge wey dem go deduct go dey clear as water. You go sabi wetin you dey pay before you click confirm for your transfer.

For many Nigerians, this small N50 fit sound like small chops, but for people wey dey manage their money well, especially people wey dey always send money, e fit dey heavy for pocket. The cost dey add up, and with the way we dey run our economy now, even N50 fit mean plenty for everyday hustle.

We for the street don start dey ask questions: Why dem go drop this kind charge for January? Why no public announcement before dem run am? Abeg, banks and government need to dey talk well with us as we no wan dey caught off guard with all these charges. Na people wey dey hustle for street go feel am pass, especially with plenty financial stress wey dey face us this January, wey plenty bills dey come up.

So, before you send any big money next year, make sure sey you don calculate this new stamp duty into your budget. No forget, every kobo dey count!