GTBank Implements New ₦50 Stamp Duty Rule; Senders Now to Bear Cost of Electronic Levy on Transactions Above ₦10,000

In a major update to digital banking protocols, Guaranty Trust Bank (GTBank) has informed its millions of customers that the responsibility for paying the ₦50 Electronic Money Transfer Levy (EMTL) has shifted from the receiver to the sender.

The bank communicated this change through official electronic mail and push notifications on its mobile banking platforms, citing the need to comply with the latest fiscal regulations governing electronic transactions in Nigeria.

Under the previous arrangement, which had been in place since the introduction of the Finance Act, the ₦50 “stamp duty” was deducted from the inflow of the receiving account for every transaction of ₦10,000 and above. However, the new system requires the sender to have an additional ₦50 in their balance to cover the levy at the moment the transfer is initiated.

“We would like to inform you that, in line with recent regulatory directives, the ₦50 Electronic Money Transfer Levy (EMTL) will now be charged to the sender’s account for all qualifying transfers,” the bank stated. “This ensures that the exact amount intended for the recipient is delivered without further deductions at the destination.”

Financial experts suggest that this move, which aligns with the 2025 Tax Reform Acts championed by the Zacch Adedeji-led FIRS, is designed to increase the efficiency of non-oil revenue collection. By charging the sender, the government captures the tax at the source of the transaction, reducing the administrative burden of tracking thousands of individual receiver deductions.

The shift has sparked a variety of reactions from the banking public. While some customers appreciate the transparency of knowing their recipient will receive the full amount sent, others have expressed concern over the “extra cost” of sending money, especially for those who frequently perform multiple small-to-medium transfers.

“It’s a minor shift but a significant one for bookkeeping. If you want someone to receive exactly ₦10,000, you now need to have ₦10,050 plus whatever transfer fee your bank charges in your account.”  Financial Analyst, Lagos

The ₦50 levy remains a key part of the federal government’s strategy to fund the 2026 National Budget, with the EMTL expected to contribute significantly to the ₦20 trillion non-oil revenue target for the fiscal year. Other commercial banks are expected to follow GTBank’s lead in implementing this “Sender-Pays” model in the coming days.