GTBank has issued a fresh notice to customers on changes to stamp duty charges following the implementation of the Nigeria Tax Act 2025, which took effect on January 1, 2026.
In a notification sent on Tuesday, the bank explained that the N50 stamp duty on electronic transfers of N10,000 and above will now be paid by the sender, rather than the beneficiary of the transaction.
“Please be reminded that, in line with the Nigeria Tax Act 2025, which took effect from January 1, 2026, the N50 stamp duty on electronic bank transfers of N10,000 and above is paid by the sender of the transaction and not the receiver,” the bank stated.
GTBank added that some transactions remain exempt from the levy. These include transfers below N10,000, salary payments, and transfers between a customer’s own GTBank accounts.
According to Punch, the bank also clarified that the stamp duty charge is separate from regular transfer fees. Customers will see the charge clearly displayed before completing any transaction, ensuring full transparency on applicable fees.
Customers were advised to take note of the change and plan their transactions accordingly, as the update aligns with the Federal Government’s broader efforts to improve tax compliance and standardize revenue collection under the Nigeria Tax Act 2025.
The revised stamp duty framework places clear responsibility for payment on the sender of funds, a move aimed at eliminating long-standing confusion and ensuring uniform application across the banking sector.
While the policy has drawn mixed reactions, with some Nigerians expressing concern over rising transaction costs, government officials maintain that the measure is necessary for sustainable revenue generation. They argue that stamp duty, when properly managed, helps fund public services and infrastructure without placing undue burden on citizens.
Meanwhile, GTBank recently increased the international spending limit on its naira cards by 500%, raising it from $1,000 to $6,000 per quarter. In a notice issued on November 10, 2025, the bank stated that the new limit would be reviewed on a regular basis in response to market conditions. Analysts noted that the decision was made internally by the bank and not in response to a directive from the Central Bank of Nigeria.
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