He explained that the charge applicable to electronic transfers is a stamp duty, not a tax on deposits or account balances. “When you make transfers from your account to someone else, there is a ₦50 stamp duty that applies. However, if you maintain multiple accounts within the same bank, you are not expected to pay the stamp duty,” Enamudu said. “Before now, both the sender and the receiver bore the burden of the stamp duty. “Once it crosses one financial institution to another, the stamp duty is triggered, even if it is your own account,” he said.

Source: Punch January 07, 2026 08:48 UTC