Access Bank Explains Electronic Money Transfer Levy

Banks' customers are easily confused when they received alerts charging them for services they know nothing about.

You're more confused when you're charged for the same service but in different words or phrases.

One confused customer of Access Bank has taken to their official Twitter page to seek clarification on the differences between Stamp Duty and Electronic Money Transfer Levy.

In her words, Tope wrote

Which one is the electronic money transfer levy? Every transfer already has N53/26 charges. We have stamp duty, as well. Someone should please help me explain. @accessbank_help, @access_more, @myaccessbank

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In its explanation, Access Bank replied

Hi Faith @Nnonyelu, we apologize for the debit on your account, kindly note that the stamp duty charge has been renamed to Electronic money transfer levy in line with the Finance Act 2020, the ₦50 charged for inflows of at least N10000 previously as Stamp Duty charge would remain the same for the Electronic Money Transfer Levy.

Whether you're using Access Bank or any other bank in Nigeria, once you're charged the Electronic money transfer levy, note that, it's the same as the stamp duty you're used to knowing.

This doesn't imply that you're being double charged. A bank that charges you with an Electronic money transfer levy won't charge a separate fee under the old name "stamp duty".

Thinking of asking your bank to refund these levies? Sorry it's non-refundable because the money is remitted to the Central Bank of Nigeria (CBN) in accordance with the Finance Act 2020.

This fee is remitted to the CBN. While the SMS alert fee is in relation to the volume of transactions made on your account.

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Electronic Money Transfer Levy in Details

Effective from February 1, 2020, the Central Bank of Nigeria (CBN) introduced a new levy on electronic money transfers. The levy is aimed at promoting the development of Nigeria's information technology infrastructure and is charged on all electronic money transfers in Nigeria.

The levy is charged at 0.005% of the transaction value for electronic transfers above N10,000. This means that for every N10,000 transferred electronically, a levy of N50 will be charged.

It is important to note that the levy is not a fee charged by Access Bank, but a regulatory charge imposed by the CBN. The levy is deducted automatically from the sender's account at the point of transfer.

The levy applies to all electronic money transfers, including but not limited to:

  1. Bank transfers
  2. Mobile money transfers
  3. Internet banking transfers
  4. USSD transfers

The levy does not apply to cash deposits or withdrawals, ATM transactions, or other non-electronic transactions.

Customers are advised to take note of this levy when making electronic money transfers to avoid any unexpected charges. Access Bank will continue to provide its customers with the necessary information and support to ensure a smooth banking experience.

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