What is Stamp Duty?

Stamp Duty on electronic transfers is a ₦50 statutory charge applied to transfers of ₦10,000 and above. Under current tax regulations, this levy is paid by the sender and replaces the former Electronic Money Transfer Levy (EMTL).

What transactions attract Stamp Duty?

Stamp Duty is charged on the sender’s account for:

1. Transfers of ₦10,000 and above
2. Moniepoint to Moniepoint transfers (intrabank)
3. Moniepoint to other banks transfers (interbank)

Can the bank waive this charge?

Stamp Duty is a government-mandated levy, and banks are legally required to collect it.

The only exemption applies to transfers between two Moniepoint accounts owned by the same person, provided the BVNs match.

Am I charged an extra ₦50 on every transfer?

No.

The ₦50 Stamp Duty is only applied to each transfer above ₦10,000 made to another recipient.

Is Stamp Duty the same as VAT?

No.

VAT: 7.5% of the transaction fee (For example, it would be 0.75naira for every 10naira charged).

They are two separate charges.

Will I see the Stamp Duty charge?

Yes. The Stamp Duty charge will be clearly displayed in your transaction details and history.

Can I make a transfer if my current account balance does not include the Stamp Duty charge?

Yes, you can.

However, the Stamp Duty charge will be automatically deducted as soon as your balance is sufficient.