Bank customers across Nigeria have expressed widespread dissatisfaction and confusion over what many describe as “double charges” on the ₦50 stamp duty applied to electronic transactions, sparking a public debate about tax policy, bank practices and customer rights. The complaints emerged after several account holders reported being charged the levy twice on the same transfer once by the sending bank and again by the receiving institution.
The disputed charges relate to a recently revised stamp duty regime that imposes a flat ₦50 fee on certain inter-bank electronic transfers of ₦10,000 and above. While the policy aims to simplify fiscal adjustments and improve compliance, many account holders say the implementation by some banks contravenes expectations that the duty should be applied only once per transaction, not at both ends of the transfer.
Frustrated customers have taken to social media and consumer forums to question whether banks are improperly passing on extra fees or misapplying the tax, with some vowing to seek redress through the Central Bank of Nigeria (CBN)and financial consumer protection agencies. Financial analysts noted that while stamp duties are a statutory obligation, effective communication and clear billing practices are essential to avoid confusion and preserve trust in the banking system.
Banking associations have been approached for response, and observers say regulators may need to issue clarifications or guidelines to ensure consistent application of the new charge and prevent unintended financial burdens on ordinary account holders.
