Despite Coronavirus, UBA Begins N50 Stamp Duty Charges On Savings Account



Despite the outbreak of the coronavirus pandemic which has taken a toll on the economy, the United Bank of Africa (UBA) Plc, says it is going ahead with the collection of N50 stamp duty charges on transactions from N10,000 and above on all Savings Accounts.

The Bank said it would begin such deductions from 1st April 2020 for onward remittance to the Central Bank of Nigeria (CBN).

UBA, in a mail sent to its customers on Monday titled- ‘Reviewed Stamp Duty on Savings Account, and a copy obtained by The LABOUR in Abuja, said it was only complying to the directive of the apex bank and; called for customers’ understanding.

“Dear customer, UBA is committed to providing you with excellent service at all times and will endeavour to always keep you updated on any charges to your account or transactions.

“From 1st April 2020, stamp duty charges will apply on Savings Accounts in line with CBN requirements.

“How does this affect you? When you receive an inflow of N10,000 and above your account will be charged N50. All monies debited from your account are remitted to CBN daily,” the mail read.

The enforcement of the CBN’s directive which is also expected to be implemented by all commercial banks come on the heels of looming recession in the nation’s economy amid the plunge of oil prices and lockdown in major cities in the country.

Price of crude oil-the major source of Nigeria’s income, estimated above US50 dollars in the 2020 budget, plunged to about US20 dollars per barrel on Monday due to coronavirus, even as the total lockdown of Lagos, Abuja and Ogun State to guard against the spread of the pandemic has also worsen the nation’s economy woes.

Meanwhile, Fidelity Bank Plc has announced a temporary suspension on the clearing of cheques.

The Bank blamed the ugly development on coronavirus.

“In line with the efforts of the Central Bank of Nigeria to prevent the spread of COVID-19, kindly be informed that clearing of cheques has been suspended from March 31, 2020, until further notice.

“Please note that except for returned cheques which will be treated only on March 31, 2020, no fresh or other cheques will be allowed to pass through the clearing system.

“However, settlement activities for electronic instruments such as NEFT and NAPs will continue to hold during this period of suspension,” the Bank said on Tuesday.


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