See the real reason why CBN is collecting N50 for every money paid into your account and who is getting the money

As against popular belief, The N50 which will be deducted as postal stamp for every credit bank transaction will not be going the banks, GMD/CEO of Skye Bank, Timothy Oguntayo has said.

He made this known at a luncheon with industry stakeholders and professionals in Lagos yesterday.

As part of efforts to boost its revenue base, the federal government of Nigeria is exploring revenue opportunities in the non-oil sectors especially taxes and rates. It is in recognition of this fact that banks and other financial institutions are enjoined to support government’s revenue drive through compliance with the provisions of the Stamp Duties Act, LFN 2004 as reinforced by the court judgement in Suit No FHC/L/CS/1710/2013.
“In this regard, the CBN pursuant to the provisions of its enabling laws, hereby issues this circular to all DMBs other financial institutions. With immediate effect, all DMBs and other financial institutions shall commence the charging of N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and Federal Government Financial Regulations 2009, that is, all receipts given by any bank or other financial institution in acknowledgment of services rendered in respect of electronic transfer and teller deposits from N1, 000 and above.”

On why the policy is being implemented now and who gets it, he said;

In my own understanding, there is a NIPOST Act that makes it mandatory for customers to pay stamp duty on any transaction they do. As such, the money collected goes directly to NIPOST and not to the banks. The banks are not expected to profit from it.

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