Nigerians To Stop Paying Five Bank Charges From January 2026 — Oyedele.

FIRS Chair, Oyedele.

From January 2026, millions of Nigerians will no longer have to pay five common banking fees, following major tax reforms by the Federal Government. 

This move is part of President Bola Tinubu’s broad fiscal policy aimed at reducing the cost of doing business, stimulating economic activity, and supporting households and small businesses.

The changes are outlined in four new laws: the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA), and Joint Revenue Board Act (JRBA). Together, these laws simplify tax regulations and remove unnecessary financial burdens on Nigerians.

One significant reform is the removal of the ₦50 Electronic Money Transfer Levy (EMTL) charged on transfers above ₦10,000. Eliminating this fee will encourage digital payments, boost financial inclusion, and reduce transaction costs for millions of users.

Employees and employers will no longer be required to pay stamp duty on salary transfers, meaning workers will receive full payments while businesses, especially SMEs, save on administrative costs.

Stamp duties on transactions involving treasury bills, government bonds, and shares will also be abolished, making investment more accessible and affordable for Nigerians.

Furthermore, stamp fees on documents related to share or stock transfers will be removed, easing paperwork and lowering compliance expenses for investors.

Lastly, the ₦50 charge on transfers between accounts within the same bank will be eliminated, allowing customers to move money between their own accounts without additional fees.

These reforms are part of the Nigeria Tax Act 2025, which reverses previous rules from the Stamp Duties Act and the Finance Act 2020 by explicitly exempting these charges.