E-Financial
FG to Rake in N1.5Bn Monthly from Stamp Duty on PoS
Federal Government is to realise at least N1.5 billion monthly from the implementation of N50 stamp duty charges on transactions carried out via Point of Sales (PoS)) terminals.
This is based on data released so far by the Nigeria Interbank Settlement System (NIBSS), which showed that monthly average volume of PoS transactions in the country stood at 31 million, according to New Telegraph.
Already, filling stations, supermarkets and other merchants using PoS machines have started adding the fees to their customers’ bills after purchases. Before now, fees were paid by merchants on the aggregate PoS transactions carried out on a particular period, which was never passed to customers.
However, a CBN directive issued on September 17, 2019, compelled banks to charge N50 stamp duty on individual transactions, rather than merchants’ accounts.
With the cashless policy gaining traction, Nigerians have embraced PoS for payment, hence, it has been recording the highest value and volume of transactions, compared to other e-payment platforms. If the monthly volume of transactions on PoS is sustained despite the charges, the N50 charge will amount to over N1.5 billion monthly revenue for government.
NIBSS data for the half year 2019 showed that Nigerians spent N1.38 trillion over PoS, which was 36 per cent increase over the value recorded in the same period last year, which stood at N1.01 trillion.
According to NIBSS, the growth in value was a reflection of the increase in volume of transactions over the channel. The number of transactions within the six months period rose by 55 per cent to 187.6 million, compared with N120.7 million of last year.
A breakdown of the volume of transaction showed that 28.1 million was recorded in January, 25.7 million in February, 29.8 in March and in April, 33.3 million transactions were recorded. In May, the transaction figure rose to 35.4 million, while 35 million was recorded in June.
However, stakeholders are worried that the introduction of stamp duties to be paid by the customers may reverse the gains recorded over the years, even as they fear that government’s cashless policy would be negatively affected.
According to an Executive Director at Inlaks, an integrated payment system company, Mr Tope Dare, the policy will discourage many from using PoS and, in effect, slowing down the cashless policy of CBN.
“Some small merchants who know the impact such charges may have on their sales are also considering dropping the machines to collect cash. While the big merchants like filling stations and superstores may not toe that line, the customers would not want to be paying extra charges and may go for cash payment instead of using their cards,” he said.
While noting that CBN may have good intention in introducing the charges, he said impacts of the policy must be evaluated by the regulator to see how it has fared.
“Whenever regulators issue policy, they should go out to test impact. They must be able to know whether it is working or not
or whether it is having different effect from what was intended. When we just issue policies and sit down in our offices, we may have problems,” he said.
Also speaking, Mr Festus Akwaja, a financial analyst, said the implementation of PoS charges was capable of weakening the financial inclusion drive and financial development goal as a whole.
He added that the stamp duty charge was an anti-financial inclusion policy as it is capable of discouraging small businesses and the very poor from coming into the banking space.
“We suggest that CIBN should make presentation to the authorities for certain set of businesses, accounts and payment platforms such as PoS to be exempted from the stamp duty charges,” he said.
Meanwhile, in a report titled: “Returns on Stamp Duty Collection for Merchant Transactions,” NIBSS said the new stamp duty payment was in line with the provision of the Stamp Duties Act and Federal Government Financial Regulation 2009.
The policy, it added, was aimed at ensuring strict adherence to the CBN guideline communication on the subject, collection and Remittance of Statutory Charges on receipts to Nigeria Postal Service under the Stamp Duties Act dated 15th January 2016.
The Federal Inland Revenue Service (FIRS) has clarified that the Memorandum of Understanding (MoU) recently signed with France’s Direction Générale des Finances Publiques (DGFiP) is a strictly technical assistance and capacity-building framework.
The clarification comes after talks of concerns that the MOU is a means for foreign interests to gain control over Nigeria’s sovereign tax data.
On Thursday, the Federal Inland Revenue Service (FIRS) signed an MoU with France’s Direction Générale des Finances Publiques (DGFiP).
“At no point does it grant France access to Nigerian tax data, digital infrastructure, or operational control of our systems. All Nigerian laws regarding data protection, sovereignty, and cybersecurity remain fully in force, and the MoU includes robust confidentiality and data protection provisions,” Umar Ahmed, director, Intergovernmental Affairs, Federal Inland Revenue Service, said in a recent release.
The DGFiP is one of the world’s most sophisticated tax administrations, with over 100 years of institutional experience, a workforce exceeding 90,000 professionals, and globally recognised expertise in digital tax systems, institutional governance, taxpayer services, and public finance management.
Ahmed said that the partnership is advisory, non-intrusive, and mutually beneficial, designed to strengthen FIRS’ institutional capacity as it transitions into the Nigerian Revenue Service (NRS).
“The collaboration provides Nigeria with a unique opportunity to learn from international best practices in workforce management, digital transformation, tax policy development, and regional cooperation, while ensuring that Nigeria retains full control over its tax administration and data,” he said.
Ahmed said that local technology providers are not being sidelined; FIRS continues to engage and collaborate with Nigerian innovators, including NIBSS, Interswitch, PayStack, and Flutterwave.
“The MoU is not intended to deliver technical services, but rather to provide capacity-building, advisory support, and knowledge sharing based on DGFiP’s extensive institutional experience. The collaboration focuses on institutional strengthening, workforce development, digital transformation guidance, taxpayer education, policy modernisation, and regional integration—all fully aligned with Nigeria’s sovereignty and national interests,” he said.
The director said that the service is far from compromising national control. This agreement represents a strategic initiative to modernise Nigeria’s tax administration, enhance institutional capacity, and strengthen the country’s long-term economic resilience.
“Nigeria remains fully in command of its tax systems, data, and policy direction. FIRS remains steadfast in its commitment to transparency, professionalism, and collaboration in the pursuit of national development,” Ahmed said.
House of Representatives yesterday passed second reading a bill seeking to introduce a single, non-renewable six-year tenure for the Governor and Deputy Governors of the Central Bank of Nigeria (CBN), challenging the current CBN Act 2007 that allows an initial five-year term with reappointment option.
CBN
The legislation, jointly sponsored by Jesse Okey Joe Onuakalusi (Oshodi/Isolo Federal Constituency) and Majority Leader Julius Ihonvbere, proposes sweeping reforms to modernise the apex bank’s governance, unify the exchange rate system, ban foreign currencies for domestic transactions except via authorised channels, and align operations with international best practices.
Key provisions include separating the roles of CBN Governor and Board Chairman to curb power concentration, capping Ways and Means advances at 10 per cent of the previous year’s actual revenue to check inflationary financing, mandating 90 days’ notice with impact assessment and National Assembly briefing for currency redesign, and enhancing the Monetary Policy Committee with independent external experts plus macro-prudential tools and stress testing.
Onuakalusi, opening the debate, described the changes as “structural and forward-looking reforms” to protect the economy, restore monetary policy confidence, and bar the CBN Governor and deputies from partisan politics, stressing that the current Act no longer suits today’s realities amid past controversies like Godwin Emefiele’s tenure and the disruptive naira redesign.
He said: “The Central Bank of Nigeria is too critical an institution to operate under a framework that no longer reflects Nigeria’s economic realities or international best practices.
“This bill is not targeted at any individual or administration. It is a structural reform for economic stability, transparency, accountability, and sustainable governance.”
Deputy Speaker Benjamin Kalu put the bill to a voice vote, with lawmakers unanimously endorsing its passage at second reading. A similar Senate bill for a single six-year tenure had passed second reading in February 2024.
E-Financial
Sterling Bank, Pan-Atlantic University Partner to Certify Non-Oil Export Academy Graduates
Sterling Bank Limited has signed a Memorandum of Understanding (MoU) with Enterprise Development Centre (EDC) of Pan-Atlantic University (PAU) to certify graduates of its Non-Oil Export Academy.
L-R: Kola Oluyemi, Group Head, Sterling Academy; Dr. Nneka Okekearu, Director, Enterprise Development Centre (EDC), Pan Atlantic University (PAU); Abubakar Suleiman, MD/CEO, Sterling Bank; Dr. Nnenna Ugwu, Head, Alumni Engagement and Support Services, EDC at PAU; and Akporee Idenedo, Divisional Head, Commercial Banking, Sterling Bank at the recent MoU signing to certify graduates of Sterling Bank’s Non-Oil Export Academy.
This strategic partnership underscores the Bank’s commitment to diversifying Nigeria’s economy by supporting non-oil export growth.
This landmark agreement follows the recent launch of the Sterling Bank Non-Oil Export Academy, designed to position Nigerian exporters for global competitiveness.
The launch was preceded by a series of nationwide training programs in Lagos, Ondo, and Kano states, culminating in a grand finale themed “Excel in Non-Oil Export.”
The initiative aims to equip exporters with practical tools to thrive in international markets, thereby reducing Nigeria’s reliance on oil revenues.
Speaking at the signing ceremony in Lagos, Sterling Bank’s Managing Director and CEO, Mr. Abubakar Suleiman, affirmed that the Bank is intentional about creating an ecosystem where non-oil exporters are well-informed and equipped to advance national interests.
“We are not just training people to understand how to export; we want to train them to be competitive exporters of non-oil products,” Suleiman said.
“Our goal is to build a community of knowledgeable, certified, and confident exporters who can collaborate to solve challenges beyond their immediate capacity. Our North Star is to reach a point where hundreds of people have completed this programme and are ready to compete on a global scale.”
Dr. Nneka Okekearu, Director of the Enterprise Development Centre (EDC), expressed enthusiasm for the collaboration. “Having spent the last twenty-three years deepening the competencies of entrepreneurs, we thoroughly understand what is needed and are excited to be part of this initiative,” she noted.
Dr. Okekearu emphasized that the export market has been neglected for too long. “With the right structure, standards, and mindset in place, entrepreneurs passing through this programme will help create not only a better Nigeria but more sustainable communities,” she added, noting that she looks forward to the case studies that will emerge from the programme’s participants.
Beyond sectoral outcomes, the initiative reinforces Sterling Bank’s commitment to support the development of human capital that positively shapes and impacts the wider economy. The Academy will run four cohorts within the year, commencing in 2026.
With this partnership, Sterling Bank and the Enterprise Development Centre are laying the foundation for a new generation of globally competitive Nigerian exporters, professionals equipped not only with knowledge, but with the certification, confidence, and networks needed to scale.
As both institutions align their expertise to strengthen non-oil export capacity, this collaboration signals a bold step toward a more resilient, inclusive, and diversified economy.
The Non-Oil Export Academy therefore serves as a catalyst for national transformation, empowering businesses and communities to unlock Nigeria’s full potential on the world stage.
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