NANS Presses For Elimination Of ₦50 Transfer Fee By Financial Technology Firms

NANS Presses For Elimination Of ₦50 Transfer Fee By Financial Technology Firms

The Senate Clerk of the National Association of Nigerian Students (NANS), Oladimeji Uthman, has called on economic policymakers to reevaluate the newly introduced electronic transaction fees by fintech companies……CONTINUE READING 

In a statement issued on Sunday, Uthman criticized the regulation, which imposes a ₦50 fee on every electronic transfer of ₦10,000 or more through fintech services, set to take effect on September 9, 2024. He argued that this fee adds an unnecessary financial burden on Nigerian students and the wider public.

Uthman highlighted that this fee, which was once exclusive to commercial banks, now affects fintech platforms like OPay and Moniepoint, eliminating the free transfer services that these fintech companies had previously offered.

“The levy, which is directed to the Federal Government through the FIRS, does not benefit the fintech companies,” he said.

He urged the Federal Government to explore alternative revenue sources, such as investments in agriculture, education, infrastructure, and job creation, rather than imposing additional financial pressures on students and the general public.

“This levy, known as the ₦50 Electronic Money Transfer Levy (EMTL), affects over 40.1 million Nigerian students who rely on fintech services for their education and daily expenses. The new fee could significantly impact funds available for essential needs like school fees, textbooks, and living expenses,” the statement concluded.