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Government directs commercial banks to deduct new charges on customers account

by Thomasina Oseye
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Government directs commercial banks to deduct new charges on customer accounts

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The Nigerian government has issued a directive to commercial banks, instructing them to deduct stamp duty charges on mortgage-backed loans. This move is part of the government’s efforts to increase revenue and improve fiscal performance.

Commercial banks have already notified their customers about the new charges, assuring them that previously approved loans will not be affected. The stamp duty charge, which amounts to 0.375%, will be deducted from all mortgage-backed loans and bonds.

Mortgage-backed loans are facilities offered by financial institutions to individuals who wish to acquire a home and repay the loan over time with interest.

Bonds, on the other hand, are debt or securities issued by governments, municipalities, corporations, or other entities to raise capital. The directive also indicates that the scope of stamp duty charges is being expanded to include foreign transactions, loans, and regular bank transfers.

This is part of the tax authorities’ efforts to enhance fiscal performance. Earlier this year, banks were directed to deduct stamp duty on foreign transactions between January 2021 and December 2023. The new directive now includes electronic money transfers as well.

Access Bank, one of Nigeria’s leading commercial banks, has already informed its customers about the new directive. The bank has assured its customers that previously approved loans will still be repaid in full, according to the agreed terms and conditions.

This article was updated 2 months ago

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