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Stamp Duties: Nigerians Lament "Silly" Deduction Of Money by Banks amid COVID-19

Amid the struggle to survive during the hardship caused by COVID-19 pandemic, banks in their ways to oppress their customers, have started to deduct Stamp duties charges.

By Olorungbotemi

Nigerians have cried out to condemn the deduction of stamp duties by banks as they battle the economic impacts of Coronavirus.

Amid the struggle to survive during the hardship caused by COVID-19 pandemic, banks in their ways to oppress their customers, have started receiving debit alert messages of Stamp duties charges.

According to the banks, the deductions would be cumulative from February and March 2020.

The United Bank for Africa announced that stamp duty charge would apply on all customers’ savings account from April 1, 2020, few days after donating $14m to the country’s COVID-19 fight.

The bank added that the stamp duty charge was a directive from CBN, which states that all deposits of N10,000 and above are subject to a charge of N50.

Also, Access Bank, in a message to its customers, said the deduction of the charges would take effect from February 1, 2020, when the Finance Act 2020 came into effect.

According to the Finance Act 2020, N50 charges would be applied on electronic funds transfers or deposits of N10,000 and above. The charges were being deducted from February, with deduction running into thousand of naira for some customers.

Nigerians have described the stamp duty as a means of wrecking the people.

Expressing their disappointment and grievances on social media, they urged government to reverse the policy.

@Mr Sunday, a WhatsApp user, revealed that "it is very annoying if I send money they will still deduct"

He stated, “What is the benefit of now saving money... Is getting too much"

 I woke up this morning to find out that @UBAGroup debited N6,100 from my account. I went to their bank and they said they remove 50 naira for every 10k transaction. I am a businesswoman.

@Mr Slybernie
Even GT, when my account is credited, they will deduct from it. When I send money to someone, they will deduct.

It's been a while they've been doing it to me, he said.

@Mr Sofiu
I called those idiot on that Stamp Duty oooo
They said Federal govt gave d order @uba

@Mc Finest
On my own account with them...
I do get debit alert of #52 every month... O sunmi o

@ Bethel
The thing don tire me o. . . I have 2account with this Useless BAnk of Africa ( UBA ) and they are just deducting my money

@UBAGroup @UBAFoundation @CBNNews You guys deducted about 900(50naira x18) between March and April. You're charging 1100 for March and Feb AGAIN .. what  the hell is stamp duty. I need explanation abeg!!!!!!!!! #DAYLIGHTROBBERY #COVID19

@UBACares The rate my money been deducting regarding of stamp duty feez is too much, kindly help me out, almost 1000 in a month.. what nonsense...

See oplexy02's other Tweets
@Prisielebz, an Access Bank customer, said, “I don't understand the debits made by Access Bank on customers’ accounts in the name of stamp duty. What exactly is going on?”

Prisca mma Elebe
I don't understand the debits made by @accessbank_help on customers accounts in the name of stamp duty more than once. What exactly is going on? @cenbank



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