In compliance with the directive from the Central Bank of Nigeria (CBN) to all Deposit Money Banks (DMBs) operating in the country, VFD Microfinance Bank operator of V Bank, Nigeria’s foremost digital bank, effective June 1, 2021, will introduce stamp duty charges to its customers.
Stamp Duty is the tax government puts on legal documents, usually in the transfer of assets or property, and is backed by the Central Bank of Nigeria (Circular No: CBN/GEN/DMB/02/006).
This stipulated charge is N50 for all inflow above N10,000 and will be borne by the receiving customer.
So, any inflow from N10,000 and above will attract N50 while inflow between N1000 and N9,999 will not be charged.
Recall that on March 25, 2021, the bank unveiled the new V Bank app 3.0 with exciting features which include, Cardless Withdrawals, Multiple Funds transfers, Recurring Transactions, Proximity Payments, Advance Budgeting, and Intelligent airtime top-up.
To understand how these features work, the V Bank application is your exploratory field and it’s available on the play and app stores. Opening a V Bank account is easy and can be completed within 2 minutes. The application enables you to create an account either by using an existing BVN number or an existing Nigerian bank account number.
Have you downloaded the V Bank app? Let’s teach you how to bank better.