Archive N50 stamp duty: CAFON declare 1st March ‘no banking...

N50 stamp duty: CAFON declare 1st March ‘no banking day’

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Kemi Busari
Aggrieved by what it describe as ‘excessive bank charges’ introduced by Nigerian banks, the Consumer Advocacy Foundation of Nigeria (CAFON) has declared the 1st of March 2016 as a ‘no banking day.’
Seeking 500 signatures to a petition for the reversal of the policy, CAFON charged bank customers not to make any transaction on the day of the protest.
Recall that the Federal Government on 19th of January introduced a stamp duty of N50 on every deposit of 1000 or more.
Stating it position, CAFON noted that the protest is not only in protest of the stamp duty but also for other ‘unnecessary charges’ by the banks.
“Account Maintenance charge is also applied to Current accounts. It is a monthly charge of 1% of all the amount you withdraw from your account every month. So if total withdrawal in a month is N1, 000, 000 you will be charged N1000 plus 5% VAT total N1050.”
“Then there is SMS charges, annual card maintenance charges of N105, online transaction charge of N105 per transaction, ATM withdrawal charge of N65 on 3rd withdrawals, N1000 debit card issuance and renewal charge, N210 transfer slip charge.”
“Question is, why should any bank be making a percentage of your income? Are they your agents? How does the bank contribute to your business or job? What other services do they provide except warehouse your money?” the organisation asked.
CAFON maintained a position that banks should at all times seek the consent of customers before subscribing and debiting them of chargeable services.

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