• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Opinions Market Views

Government reviews stamp duty charge

CSL Stockbrokers by CSL Stockbrokers
November 29, 2019
in Market Views, Op-Eds, Politics, Research Analysis
Access Bank tells customers to pay N50Stamp Duty
Share on FacebookShare on TwitterShare on Linkedin

News reports say the Federal Government has reviewed the N50 stamp duty charge on electronic payments in the country following public outcry and a reported drop in the number of Point of Sale (POS) transactions. According to reports, the new Financial Bill now states that the N50 charge would be imposed on transactions above N10,000 compared with N1,000 that had previously taken effect across the country in September.

In a circular released by the Central Bank in September, the apex bank authorised banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulators.

This translates to stamp duty payment on individual transactions that occur on POS, rather than on aggregate transactions previously. The merchant service charge was also reviewed downward from 0.75% capped at N1,200 (US$3.33) to 0.5% capped at N1,000.

RelatedStories

Naira , dollar, exchange rate

Exchange rate disparity returns as Naira appreciates to N1,545/$ officially, depreciates to N1,605/$ on parallel market 

June 21, 2025
Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025

PoS agents, operators kick against N50 charge, seek policy reversal , Merchants upgrade POS machines to automatically charge N50 tax duty , FG reviews N50 stamp duty charge to transactions above N10,000, Government reviews stamp duty charge

Many merchants across the country have swiftly introduced a N50 charge on POS payments and this has elicited backlash from users with many now angrily deciding to pay for their goods in cash. A few merchants interviewed noted that the number of POS transactions have dropped significantly since the introduction of the stamp duty which we believe informed the decision by the CBN to review the charge.

Asking consumers to pay an extra N50 if they use the POS machine as a means of settlement appears counter-effective to CBN’s cashless policy agenda in our view. In September, the CBN in a circular stated that daily withdrawals and deposits by individuals that exceed N500, 000 attract a 2% charge on the excess deposits and 3% charge on the excess withdrawals while daily withdrawals and deposits by corporates exceeding N3 million attract a 3% charge on the excess deposits and a 5% charge on excess withdrawals.

[READ MORE: Budget: Bill to compulsory 40% allocation to capex passes second reading]

This, according to the CBN noted was aimed at reducing the amount of physical cash in circulation and encouraging more electronic-based transactions. Discouraging cash-based transactions, and at the same time imposing multiple charges on electronic-based transactions appears counterproductive.

While we see the positive of increased government revenue from the introduction of the stamp duty charge, we believe it could be a drag on CBN’s financial inclusion drive. Nigerians, especially bank customers complain that they are made to face several charges by the financial institutions.

These include N52.50 monthly card maintenance fee; N65 after third withdrawal on remote-on-us Automated Teller Machines, N4 for SMS alerts, N52 deduction in electronic transfer service. Many banks also charge fees for hardware token and for one-time pin SMS charge. Introducing stamp duty on POS transactions may not be ideal to achieve CBN’s financial inclusion goals as well as support a cashless economy, thus we feel the revision is a welcome development.

________________________________________________________________________

CSL STOCKBROKERS LIMITED CSL Stockbrokers,

Member of the Nigerian Stock Exchange,

First City Plaza, 44 Marina,

PO Box 9117,

Lagos State,

NIGERIA.


Follow us for Breaking News and Market Intelligence.
Tags: CBNFinancial BillOn the MoneyPoint of Sale (POS) transactionsStamp Duty Charge
CSL Stockbrokers

CSL Stockbrokers

Related Posts

Naira , dollar, exchange rate
Currencies

Exchange rate disparity returns as Naira appreciates to N1,545/$ officially, depreciates to N1,605/$ on parallel market 

June 21, 2025
Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023
Financial Services

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025
Wema Bank, Custodian Investment exits NGX 30 index
Financial Services

Agusto & Co upgrades Wema Bank rating to A- amid stronger financial performance 

June 19, 2025
CBN, forex
Bank Recapitalization

CBN says forbearance-affected banks under close supervision 

June 18, 2025
CBN, forex
Financial Services

No recapitalisation deadline extension for BDCs, CBN says 

June 11, 2025
CBN, forex
Financial Services

Private sector credit rises to N77.9 trillion in April 2025 

May 30, 2025
Next Post
C&I Leasing gets approval to list N539 million worth rights issue, C & I Leasing Plc sets ambitious revenue target for 2023

C&I Leasing gets approval to list N539 million worth rights issue 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Tinubu seeks swift action on ECOWAS Standby Force as insecurity escalates in West Africa 
  • Global oil price may surge past $150 per barrel as Iran’s parliament approves closure of Strait of Hormuz 
  • President Trump’s visa restrictions threaten 16 U.S. colleges depedent on international students 

Follow us on social media:

Recent News

Tinubu seeks swift action on ECOWAS Standby Force as insecurity escalates in West Africa 

Tinubu seeks swift action on ECOWAS Standby Force as insecurity escalates in West Africa 

June 22, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

Global oil price may surge past $150 per barrel as Iran’s parliament approves closure of Strait of Hormuz 

June 22, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics