₦airaland Forum

The Women’s Research and Documentation Centre (WORDOC), Institute of African Studies, University of Ibadan, declared that the introduction of N50 stamp duty on every transaction above N1,000 by the Federal Government is a way of rubbishing the cashless and financial inclusion policies of the government.

Coordinator of WORDOC, Dr. Sharon Omotoso, raised the alarm during a press briefing held at the University of Ibadan.

The Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS), had in September 2019, issued a circular that stated that a statutory fee of N50 was added to every transaction over N1,000.


Omotoso, while reacting, insisted that the N50 stamp duty was making life difficult for women entrepreneurs and many people had returned to the use of cash that was earlier discouraged because of risks associated with its usage for business transactions.

She placed three demands before the Federal Government, which include: “review the N50 stamp duty to take effect only on transactions from N50,000.

“The Federal Government should withdraw the instruction with immediate effect, pending when the issue will be resolved. In the spirit of democracy. We seek government’s accountability and transparency on the hitherto deducted N50 stamp duty which would have accrued to millions since the policy took effect.

“Payment channel agents charge this stamp duty in every individual transaction.

In a recent survey of retail outlets, there are reports that POS machines in certain filling stations now have an upgrade that automatically charges N50 stamp duty, sometimes with the buyer oblivious to this.

“With this development, Nigerians are collectively decrying this stamp duty charge and many are shunning transaction via point of sale, choosing instead to withdraw bulk money from ATM posts. As people are inclined to carry cash now in defiance to the stamp duty, the prior successful cashless policy in Nigeria is gradually degenerating.

“This is added to the fact that arguably half of Nigeria’s population is unbanked. Along with this, PoS charges are triggering a move from grocery stores and supermarkets.”

A recent survey, according to Omotoso, revealed that the number of inactive terminals in Nigeria increased from 43,320 in January to 131,201 by October 2019.

“Nigeria is a low-income country with one of the highest entrepreneurship rates in the world. It also has one of the highest female entrepreneurship rates in the continent, in terms of their agencies and active business engagements.

“With this, however, comes a need to distinguish between high end and low-end female entrepreneurship. High-end entrepreneurship has a structure that conforms to the formal sector. Low-end entrepreneurship is squarely informal,” she said.

https://www.pmnewsnigeria.com/2019/12/04/pos-stamp-duty-you-are-rubbishing-cashless-policy-group-tells-fg/amp/

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My thoughts exactly

Nigeria can never work it won't get better no matter how the illiterate leaders try is all gonna be a bunch of shits

I am speechless.
Let me sit here and see other peoples opinion

What I noticed is that, all these pos agent now press 999.99 Instead of 1000

These people still think the Government is looking out for the People's interest.

When you know that the Government is out to enrich themselves and no one else, that's when these things will stop surprising you.

The question now is this. What are we going to do about it?


Give your customers a treat today with just 1k. Send me your logo and I'll give em these look. I will also customize this season's greetings message with your logo and phone number. Send us a message today.

The scheme has failed. The earlier they reverse it, the better

Nigeria...chaiii....just dat we sabi adapt na dere d problem dey...

Everything is going wrong under this man but his followers believe its a change in the right direction. Before una spoil our life for Nigeria finish, I go leave una go overseas

Q

Following

You want people to go cashless yet you make them pay more for going cashless, i just don't see the sense in it.


The only solution is to make cash transactions only but its actually quite sad that they are doing trial and error with the economy,smh

Every good policy Sanusi fought to implement has been rubbished by Godwin Emefiele. First he introduced ATM charges systematically, then he added POS charges to the equation, thereby discouraging people from paying electronically.

I hope armed robbery won't be on the rise due to this new policy of his as people are paying more cash in Nigeria now than ever.

True

Change brought it hardship and now Next level hardship has not started yet all man is whining.

Bleep yall

All these back and forth do and think later policies

True

ododo oro...{true talk}

An absolute insane country where leaders exploit citizens to death. Despite all deduction here and there, the country is in extreme retrogression. No light, no good road, no good education. What is the justification for all the deduction? Thank you @welsfargo bank.

SAI BABA

Smartini:
Everything is going wrong under this man but his followers believe its a change in the right direction. Before una spoil our life for Nigeria finish, I go leave una go overseas

The most annoying thing is that he everyday shows he has no clue about anything,but he still has supporters.
I just tire for some Nigerians.

maybe your uncle was a learner in the project you gave him to handle, when you are sick do you go to a learner doctor to treat you?

Facts only

Good fight