The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has expressed concerns over the introduction of stamp duty on single count point of sale (POS) transactions above N1,000 by the CBN, saying that such policy will work against the financial inclusion agenda and further make accessing financial services more expensive and burdensome for Nigerians.
In a statement signed by Victor Olojo, president of the Association, it argued that the cost of accessing financial services, if high will negatively affect the financial inclusion drive.
“This policy will increase the cost of providing financial services to customers and in turn, makes the effort of financial inclusion counter-productive for all stakeholders; which will end up having negative impact on agents’ capacity to effectively serve the last mile.
“As last mile financial service providers, AMMBAN will like to use this medium to call upon relevant authorities to either reverse the policy or review the threshold amount imposed with stamp duty upward from N1,000 to N20,000,” the statement added.