Going by the recently conducted BVN registration exercise, over 50 million active accounts in the banking sector will be enlisted in the new revenue drive of the Federal Government with the commencement of the N50 stamp duty on financial transactions.
The Central Bank of Nigeria (CBN) has already communicated the start of the N50 stamp duty deduction on receipt of financial value of N1000 and above from bank accounts.
With the act already in full force, there are projections that the total number of direct cash payments in various accounts in banks, the transfer of cash arising from Point of Sale, Automated Teller Machines and mobile money transactions, among others, may hit 50 million in volume per day, with an estimated value of about N2.5 billion daily.
According to the CBN, the stamp duties are deductible on deposits into accounts and borne by the receiving accounts. Yet, another reliable source in the banking sector argued that the revenue earnings capacity of the stamp duties – when estimated moderately, given the improved payments system environment of the country, both in public and private sectors of the economy – shows that there will be no fewer than 25 million deductible transactions per day, which will amount to N1.25 billion daily.
Already, the CBN has opened an account with the name “CBN NIPOST Stamp Duty Account No. 3000047517” where banks will offload the total monthly deductions from a designated account operated by respective banks.