What is your take on FG’s deduction of N50 levy from transactions above N10,000 on Opay, Moniepoint, others

The Federal Government has commenced N50 electronic levy deductions from transactions of N10,000 and above made by users of financial technology (Fintech) companies like Opay, Moniepoint, Kuda, and others. This financial policy has sparked reactions from most Nigerians. YUSUF ABDULKADIR and AYO AKANO sampled the opinions of some Nigerians on this matter. Their views:

Taiwo Ayigoro

It is appalling that an institution meant to boost our economy and create job opportunities is implementing a policy to exploit us from our hard-earned money. The commercial banks deprive us of the right to save our money in banks through exorbitant charges ─ and, to survive, Opay, Palmpay, Kuda and the like came to our rescue. Now the Federal Government is putting our earnings into another form of danger. If the government cannot provide us with job opportunities, they should stop adding salt to our wounds.

Peter Obilakin

The deduction is not new, as it has existed before for commercial banks before its implementation for mobile and fintech banking operatives like Opay, Palmpay, and co. However, is the Federal Government considering mobile money banking as commercial banking by allowing them to charge their customers the same fee and have all the access that commercial banks also have? The fee is welcomed if there is a working and transparent system that utilises the fund.

Yushau Olaitan

What is the N50 deduction for? Are all these fintech banks not initially paying their taxes to the Federal Government? Unarguably, Nigerians enjoy using Palmpay, Opay, and others more than commercial banks for transactions because of their fast and stable networks. In this light, many have ignored commercial banks. However, why are Nigerian leaders not considerate of less-privileged people? Can they not make this free for the benefit of the people? They should not chase us from using those banks with these charges.

Adelaja Waheed

The Nigerian government’s N50 levy on electronic money transfers above N10,000 aims to generate revenue and regulate the fintech sector. While it could boost the government’s funds and encourage cashless policies, it imposes financial burdens on low-income users, may reduce digital platform usage, and potentially hinder fintech growth. Public dissatisfaction on this issue highlights concerns over inflation and trust in fund utilisation. Suggestions include transparent revenue usage, tiered taxation, and exemptions for small-value transactions to promote financial inclusion and alleviate the policy’s regressive impacts.

Sheriffdeen Hassan

The N50 levy on transactions above N10,000 via platforms like Opay, Moniepoint, and Kuda is a regressive policy that disproportionately affects low-income earners who rely on these services for affordable transactions. While the government may argue it generates revenue, it undermines financial inclusion efforts and discourages digital banking adoption. With economic hardship already straining Nigerians, this policy adds an unnecessary burden. Instead, the government should focus on progressive taxation and improving service delivery to justify levies, not penalise citizens for embracing financial technology.

Babalola Folagbade

I am both in support and not of this policy. I support it because, if N50 is deducted from transactions above N10,000, a system should be developed to show people how the money is rightly deducted and used. I do not support it in the sense that, if the money is not properly accounted for, corrupt individuals could exploit it in the wrong way.

Solomon Oluwemimo

I disagree with the policy. It seems like an additional financial burden on citizens. I worry it may unfairly impact low-income individuals and small businesses. The levy would discourage the use of cashless payment systems, which the government has been promoting. This contradictory approach is evident that the government does not care about the well-being of the masses.

Hasheem Yousuph

Like many other Nigerians, I am quite disappointed in the Federal Government’s decision to deduct N50 levy from transactions above N10,000 on fintechs like Opay, Moniepoint, and Kuda. This move would only increase the financial burden on Nigerians, especially students and low-income individuals who rely on these platforms for daily transactions. Instead of imposing more levies, the government should focus on creating alternative revenue streams and improving the country’s economic situation.

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