Nigerians have expressed their disappointment as the Federal Government announced the imposition of N50 levy on every transaction above N10,000 on Fintech companies’ platforms.
The regulation provides for a one-off levy of N50 on the recipient of any electronic receipts or transfers of N10,000 or above. For equivalent receipts or transfers carried out in other currencies, the levy will be charged at the exchange rates determined by the Central Bank of Nigeria (CBN).
Called the Electronic Money Transfer Levy (EMTL), the charge will be deducted on every inflow of N10,000 or more received by customers of Fintech companies such as Opay, Moniepoint, PAGA, PiggyVest, and others.
In a notice to its customers on Saturday, the online payment platform stated that the charges were in line with the Federal Inland Revenue Service (FIRS) regulations, and that it will take effect from Monday, September 9, 2024.
This has generated unending comments and reactions from Nigerians. See the comments:
The man who said “Let the poor breef,” is now committed to seeing that the poor does not breef.
— J E F F E R S O N (@DProf93) September 8, 2024
Na to dey transfer 9,999N
If you wan send me 100k, abeg 9k in 10 places first.
Make FG no touch my money
— Bino🎭 (@Cfcbino) September 8, 2024
They want to use us and repay their loans
— Sebastian Tales (@Sebast_tales) September 8, 2024
On top this new minimum wage???? Federal govt wan milk all of us dry!!!!!
— PRINCESS ADESHOLA 👸💞 (@Shola_peperenpe) September 8, 2024
I believe that we prolly sinned in our last life and Nigeria is the hell religion talked about.
— MickyD (@Mickyy_Beast) September 8, 2024
Federal government continue to extort every organization in this country but failed to attend to the needs of the people they govern.
Price of everything in this country is ridiculously high but they are unconcerned by it.
Misplaced priorities.— MR MOTIVATOR👽💀 (@TaiwoMuyiwa3) September 8, 2024
The only thing this govt do successfully is take takes and take money from the people
— MR FOWOSERE (@espeezeal) September 8, 2024
Wetin dey play for we country? I don tire for our Leaders. Can’t they fix the economy. Why stress people further
— MFON ABIA (@PrettyMfon) September 8, 2024
We’re not shocked!!
Is all about widening the TAX and continuous looting..— ŘÊ£ΊŤ (@simpleiykejnr) September 8, 2024
This man wan use tax wound us, which kind Wahala be this? 🤦♂️
— SANTORINI (@KinqKudos) September 8, 2024
This time around OPAY wasn’t exempted. This govt is all about IGR.
— Gozie (@uzomauzo5) September 8, 2024
EVERYTHING IS INCREASING EXCEPT SALARY 💔💔😭💔
HOW DID WE GET HERE ? , I VOTED PETER OBI
— Dr Iszzy 🍍 (@iszzyiniho1) September 8, 2024
For those who blamed Opay, Tinubu should be your target.
I have done a detailed analysis on this, already. No need dwelling in it. https://t.co/lBD8mMY9iG
— Obiasogu David (@afrisagacity) September 8, 2024
