POS Stamp Duty: ‘You Are Rubbishing Cashless Policy’ – Women Group Tells FG
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.
“He really loves me” – Lady gushes as boyfriend who earns N40K borrows N500K from loan app to ‘spoil’ her
“How Buhari has set traps for Tinubu” – Shehu Sani claims
“100k monthly salary cannot make a living in Nigeria, it can only make my hair and my nails” – Tolanibaj Lament
“King of prophesies” – Daddy Freeze mocks Bishop Feyi Daniels as Lagos court remands him over rape allegation
“What does this girl really gain from posting half naked pictures, let’s keep the GWR aside” – Lady calls out Hilda Baci over her recently raunchy photo
“I rejected suitors” – 123yrs old woman searching for perfect man seeks love
Man baffled as he sees wife at same hotel he took his girlfriend
“She is too beautiful, men won’t let her be” – Man cries out to court over wife’s beauty, seeks divorce
Lifestyle2 days ago
“5 Kids at Once” – Final Year Student Who Gave Birth to Quintuplets Posts Video of her Children
Sports2 days ago
REVEALED! See how much Man City, Arsenal will earn for finishing first, second this season
Sports2 days ago
Pochettino’s decision on Lukaku’s return to Chelsea revealed
Love & Relationship2 days ago
“He who finds a wife should leave other girls alone, nobody forced you to marry” – Nkechi Blessing warns cheating men