PalmPay has announced that starting from January 1, 2026, customers who send ₦10,000 or more to another beneficiary will be charged ₦50 as Stamp Duties. The company explained that the charge is required by law and applies to the sender of the transfer, not the receiver.
This statement was made public on Saturday through PalmPay’s official social media handle, where it clarified that the development follows the new Nigeria Tax Act (NTA) 2025.
“In accordance with the Nigeria Tax Act (NTA) 2025, the Electronic Money Transfer Levy (EMTL) has been renamed Stamp Duties effective January 1, 2026. N50 Stamp Duties will be charged on your account when you transfer N10,000 or more to another beneficiary as mandated by the Federal Inland Revenue Service (FIRS),” the company stated.
According to PalmPay, “The sender will be charged Stamp Duties and not the receiver.”
The company further explained that, “These Stamp Duties do not apply to transfers between your own PalmPay accounts where the names and BVN/NIN match.”
“Please note that PalmPay does not benefit from this Stamp Duties. It is remitted directly to the Federal Government. The Stamp Duties replaces the Electronic Money Transfer Levy (EMTL).”
PalmPay added that it will continue to offer “unlimited free transfers to any bank account” while maintaining its commitment to “affordable and accessible financial services” for customers.
