Is there a stamp duty charge?
Yes, a ₦50 stamp duty fee is charged on transactions of ₦1,000 and above, as required by the Federal Government of Nigeria. This applies to transfers ...
Last updated August 5, 2026
Yes, a stamp duty charge applies to certain transactions as required by law.
What is stamp duty?
Stamp duty is a ₦50 fee charged on transactions of ₦1,000 and above, as required by the Federal Government of Nigeria. It is collected by all banks and financial institutions.
When is it charged?
- Transfers of ₦1,000 and above
- Bill payments of ₦1,000 and above
- Card transactions of ₦1,000 and above
When is it NOT charged?
- Transfers below ₦1,000
- Airtime purchases (any amount)
- Transfers to other Cashmatrix accounts (free)
How much is it?
- ₦50 flat per qualifying transaction
- Deducted automatically from your wallet
- Shown in your transaction details
Where does the money go?
Stamp duty revenue goes to the Federal Government and is used for national development projects.
Tip: To avoid stamp duty on small transactions, keep transfers below ₦1,000 when possible.
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