New tax rules for remote workers, crypto, and transfers take effect 2026

Starting January 2026, major financial changes kick in for Nigerians under new tax laws signed in 2025. Remote workers and freelancers must now register with tax authorities or face ₦50,000 fines. Income earned abroad—whether remitted to Nigeria or not—will be taxed at rates up to 25%, lower than South Africa (45%) and Kenya (35%). Failure to file returns costs ₦100,000 monthly, while false declarations could mean ₦1 million fines or three years in prison.

Crypto trading is no longer tax-free. Gains will be taxed, though losses are ignored. Net gains below ₦800,000 are exempt. Nigerians traded $92.1 billion (₦132.94 trillion) in crypto between July 2024 and June 2025, making it one of the world’s most active markets. Exchanges must now monitor and report transactions or face ₦10 million monthly fines and possible SEC licence revocation.

Bank transfers get pricier as stamp duty returns. Starting 2026, senders pay ₦50 stamp duty on transfers above ₦10,000—stacked on existing fees. A ₦50,000 transfer now costs ₦100 total. This reverses the 2020 Electronic Money Transfer Levy (EMTL) that charged receivers ₦50 flat.

Meanwhile, ATMs are making a comeback. Q1 2025 withdrawals hit ₦15.98 trillion, up 192.7% year-on-year. New CBN rules mandate one ATM per 5,000 cards by 2028, tightening PoS agent oversight. OPay and PalmPay dominated 2025, processing ₦20.71 trillion in mobile money transactions—up 1,518.64% from 2021. Both now bet on cards for 2026 expansion.

Mobile app payments jumped to ₦104.07 trillion in Q1 2025. Banks proved they can compete: GTCO’s apps handled ₦35.8 trillion in H1 2025 alone. But will this momentum hold into 2026?

With new tax enforcement and shifting payment infrastructure, will you register your freelance income, adjust crypto strategies, or budget for higher transfer costs?

SOURCE: https://techcabal.com/2025/12/29/follow-the-money-2025-tax-laws-atms-and-where-money-went/