Favex Stamp Duty Update: We have important news on the Federal Government of Nigeria’s implementation of Electronic Money Transfer Levy (EMTL) and how it affects every Favex user.
At Favex, our mission has always been to provide Smart Trading, Easy Payments, and Limitless Possibilities. A core part of that mission is maintaining absolute transparency with our community. When changes happen in the regulatory landscape, we make it our priority to ensure you are the first to know and understand how they affect your transactions.
The New Regulatory Update
Recently, the Federal Government of Nigeria, through the Federal Inland Revenue Service (FIRS), reinforced the implementation of the Electronic Money Transfer Levy (EMTL), commonly known as Stamp Duty.
This is a mandatory ₦50 charge applicable to electronic transfers of funds deposited in any money terminal or bank. As a compliant financial technology platform operating within the Nigerian ecosystem, Favex and our partner banks are required to implement this directive.
How This Changes Your Withdrawal Fees
Starting immediately, you will notice a slight adjustment when moving funds from your Favex wallet to an external Nigerian bank account.
- Old Withdrawal Fee: ₦50
- New Total Withdrawal Fee: ₦100 (₦50 Favex processing fee + ₦50 Mandatory Government Stamp Duty)
The Good News: What Isn’t Changing?
While we must comply with government mandates, we have worked hard to ensure that your trading experience remains as profitable as possible. Here are two things that remain completely unchanged:
- Favex-to-Favex Transfers are still 100% FREE
We believe in building a borderless community. You can send Naira or assets to any other Favex user using their username or registered details at zero cost.
- Your Cashback is 100% SECURE
Many of our users rely on our cashback rewards to boost their trading profits. We are excited to announce that this new government charge does not affect our cashback program. You will continue to earn your full rewards on every eligible trade, gift card redemption, or utility payment. Favex is committed to ensuring your loyalty is rewarded, even as the regulatory environment evolves.
Where Does the ₦50 Go?
It is important to understand that Favex does not profit from this additional ₦50. This fee is a statutory levy collected by our partner banks and remitted directly to the Federal Government.
Our own service fee remains one of the lowest in the industry at just ₦50. We continue to absorb numerous other operational and technical costs to ensure that our exchange rates for Bitcoin, USDT, and Gift Cards remain the best in the market.
Read more on the Crypto Tax in Nigeria 2026
Our Commitment to You
The Nigerian fintech space is constantly evolving, and Smart Trading means staying informed. Despite these national changes, Favex remains the fastest and most secure platform for your digital assets, with an average transaction time of 1–10 minutes and 24/7 via our live chat support ready to assist you.
We thank you for your continued trust and for choosing Favex Technology Limited as your preferred trading partner.
