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E-transfer levy: Consumers kick as POS operators raise charges
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Operators of Point-of-Sale terminals raised their charges on Monday in line with the implementation of the Electronic Money Transfer Levy of N50 by the Federal Inland Revenue Services charged on any electronic inflow of N10,000 and above.
Several fintech platforms on Sunday notified their customers that they would start the collection of N50 as an Electronic Money Transfer Levy in compliance with the Federal Government Stamp Duty Act, which would be remitted to Federal Inland Revenue Services.
Moniepoint in a mail said, “Please be informed that in compliance with the Federal Government Stamp Duty Act, you would be charged an Electronic Money Transfer Levy of N50 by the Federal Inland Revenue Services on any electronic inflow of N10,000 and above” adding that “FIRS charges you N50 for inflow received in your Moniepoint personal banking account. Moniepoint does not benefit from this but receives and remits this sum to FIRS.”
It clarified that the levy applies to all electronic inflows of N10,000 or more except when the electronic inflow is between Moniepoint accounts owned by the same user.
The Electronic Money Transfer Levy is an N50 charge on mobile money, internet banking and other electronic inflows of N10,000 or more.
PalmPay told its “Dear Valued Customer, In accordance with the Electronic Money Transfer Levy regulation of 2022, a N50 levy will be charged on transfers of N10,000 or more paid into your PalmPay account from November 30th, 2024 as mandated by the Federal Inland Revenue.
“Please note that PalmPay does not benefit from this levy, it is remitted directly to the federal government. PalmPay continues to offer unlimited free transfers to any bank account. We are dedicated to providing affordable and accessible financial services to our valued customers.”
OPay sent a terse message to its customers on the app saying, “Dear customer, in line with the FIRS, the EMTL applies starting December 1st, 2024.”
The Electronic Money Transfer Levy was first introduced through the Finance Act 2020, which expanded the scope of dutiable instruments under the Stamp Duties Act to include electronic transactions.
The regulations guide the imposition, administration, collection, and remittance of the Electronic Money Transfer Levy which was introduced by the Finance Act, 2020. Key provisions include A one-time levy of N50 on the recipient of any electronic receipts or transfers of N10,000 or more.
A POS operator in the Arepo area of Ogun State, Kazeem Adewale, lamented in Yoruba that he had been explaining to customers the reason for the hike in charges since yesterday and was barely coping with annoyed customers.
“I have been explaining and it is tiring. Customers think you want to cheat them but all of us here have had to increase our charges because of this new levy,” he groaned.
A POS operator in Yaba in Ondo town, Mrs Helen Faniran, said, “I haven’t started collecting the charge but I have heard a few of my colleagues saying they would start. One of them said instead of charging N300 for N10,000, she was going to start charging N400.”
Asked why they were charging N300 for N10,000 in the first place, Faniran said “Cash is scarce here. Since morning I have not been able to do any business.”
Asked how she sources her cash, she said, “We buy cash from market women and anyone ready to give us. Before the market women used to give us for free but now they sell to us. That has impacted our profit margin. Ordinarily, it would collect N200 for N10,000 but since we are buying and you have to go through a lot of stress to get your cash, you have to add N100 to it. The market women will give you N100,000 for N2,000 and we will do the same amount for N3,000.”
A POS operator at the Agege area of Lagos State said the charges commence tomorrow(Tuesday). In the Ikotun area of Lagos, a customer said that there had been no increase in charges as of Monday.
Another customer, Deborah Attah, said, “They charged me N600 for N20k when it used to be N400. N5,000 is now N150and N10,000 is N300.”
On social media, bank customers also lamented the hike in POS charges.
A user of the social media platform, X, Sam Addai, lamented, “E levy is one of the most obnoxious taxes. How are we being ‘punished’ for choosing digital money transfers over cash transactions?”
Another X user, 6xstem, said, “Electronic Transfer levy is criminal! Electronic Transfer levy is robbery in broad daylight. Stealing from the citizens indirectly is insane!”
Seige (@OjoPraise), adding his voice said, “My issue with the POS money vendors is they will add more charges when you want to transact anything because of this levy. Imagine you want to withdraw N1,000 and they will say 200 per N1,000. After all, nobody is going to protest or do anything. We are broken!”
Adding a crying emoji to his comments, @chxbueze said, “Government go collect charges, POS too go collect.”
Muritala Mujeed said, “Ohhhh This is the reason why POS users started N100 extra charges on transactions above N10,000. I wanted to pay for fuel this morning and I was shocked by the guy’s ‘shalaye’ (explanation). Toor, it is well o.”
Collins said, “I deposited N12,000 from POS to my account, they still charged me N50 and I paid POS charges. Please what’s going on?”
The initial implementation of the levy in September elicited reactions from Nigerians especially on social media who accused the government of continuously imposing taxes on citizens without notable progress or accountability for how the monies are spent. It was suspended and implementation was moved to December 1st.
As of the time of the initial implementation, economists had warned that the move would ground the fintech space.
Former Chief Economist at Zenith Bank, Marcel Okeke, told The PUNCH that the move was ill-timed and could have far-reaching negative consequences for the economy, particularly in the fintech sector, which has been growing rapidly in recent years.
Okeke argued, “The Federal Government’s move to impose a N50 levy on fintech transactions is driven by a desire to boost revenue. However, this approach may have unforeseen consequences. By targeting digital transactions, the government may inadvertently discourage people from using these services, leading to a demonetisation of the economy,” Okeke said.
Another economist, Alias Aliyu, described the government’s action as a “desperate move” to increase revenue, arguing that the current economic conditions do not justify such a measure.
Credit: PUNCH
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Tinubu’s 3rd Anniversary: Wike Unveils Massive Abuja Transformation, Says Projects Ready for Commissioning(Photos)
As preparations gather momentum for the third anniversary of President Bola Ahmed Tinubu’s administration, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared that major infrastructure projects executed across Abuja are ready for commissioning, describing them as tangible evidence of the President’s commitment to delivering democratic dividends.

Speaking on Thursday after inspecting key projects across the FCT, Wike said the projects reflect the administration’s determination to transform both the city centre and satellite towns through massive investments in infrastructure.
“Governance is about delivering results, and these projects are clear evidence of President Tinubu’s commitment to improving the lives of Nigerians. All the projects we inspected are 100 per cent ready for commissioning,” the minister stated.
The projects inspected include the Jahi-Gwarimpa interchange, the Airport Expressway to Kuje Road, Kuje to Gwagwalada road, the Outer Southern Expressway main carriageways and the aesthetic redesign of the Abuja City Gate.

Wike expressed satisfaction with the quality of works delivered by contractors, noting that residents would continue to reap the benefits of improved transportation and connectivity.
He particularly highlighted the impact of the Airport -Kuje Road and the Kuje to Gwagwalada road, saying they have significantly reduced travel time between the city centre and satellite communities.
“You can now drive from the city to Kuje in less than 25 minutes. This is what governance should be about making life easier for the people and ensuring that development reaches every part of the territory,” he said.

The minister also praised the transformation of the Abuja City Gate, describing it as one of the signature projects that would reinforce Abuja’s image as a world-class capital city.
“We are very happy, particularly with the City Gate. Anyone coming into Abuja will immediately appreciate the beauty and identity of the capital city. It is a landmark project that showcases the ongoing transformation of the FCT,” he added.
According to Wike, the commissioning exercise is expected to commence next week, with the sequence of events subject to final approval by the Presidency.
He disclosed that the Outer Southern Expressway (OSEX) extension and the Airport Road-Kuje Road are among the projects proposed for early commissioning, while other projects will be inaugurated by senior government officials representing the President.
“It is a comprehensive programme and Mr. President may not be able to personally commission all the projects. The Vice President, Senate President, Speaker of the House of Representatives, the First Lady and other senior officials will participate in the exercise,” he said.

The minister further revealed plans for the flag-off of additional road projects, including the Tunga Madaki-Zuba Road and other strategic routes being executed by CCECC, indicating that the FCT Administration was sustaining its aggressive infrastructure drive.
Wike called on the media to help showcase the achievements of the Tinubu administration in the FCT, stressing that the scale of development demonstrates the President’s resolve to modernise the nation’s capital.
“You have seen the transformation yourselves. The media should help tell the story of what is happening in Abuja. These projects are changing both the city centre and the satellite towns, and residents are already beginning to feel the impact,” he said.
The minister commended the contractors for adhering to project timelines and delivering quality infrastructure, expressing confidence that the completed projects would further boost economic activities and improve the quality of life for residents of the Federal Capital Territory.
News
Senate endorses Bill seeking to establish National Agency for Malaria elimination
The Senate has endorsed for third reading a bill seeking the establishment of the National Agency for Malaria Elimination, aimed at coordinating efforts to prevent, control, and eventually eradicate malaria in Nigeria.
The bill, sponsored by Senator Ned Nwoko (Delta North), was passed following the consideration and adoption of a report by the Senate Committee on Health (Secondary and Tertiary), chaired by Senator Ipalibo Harry Banigo (Rivers West).
According to the committee, the proposed agency will coordinate national malaria elimination programmes and shift the country’s response from treatment-focused interventions to prevention and eradication strategies.
The agency is also expected to establish zonal and state offices to drive implementation through a framework anchored on law, science and accountability.
President of the Senate, Godswill Akpabio, described the legislation as a landmark step in the fight against malaria, noting that the disease remains one of Nigeria’s most common health challenges.
Speaking with senate correspondents after the passage, Nwoko expressed confidence that malaria elimination in Nigeria is both practical and achievable.
He said the proposed agency would deploy strategies such as effective waste management, environmental fumigation and vaccine research to combat the disease, adding that its establishment could position Nigeria as the first malaria-free country in Africa.
MalariaTreatment For Newborns
Last month, the World Health Organisation announced that it had given prequalification approval to a malaria treatment for newborns and infants for the first time.
Artemether-lumefantrine is the first antimalarial formulation designed specifically for the youngest victims of the mosquito-borne disease.
It said that the prequalification designation indicated that the medicine met international standards of quality, safety and efficacy.
Before the prequalification approval, infants have been treated with formulations intended for older children — carrying a greater risk of dosage errors, side effects and toxicity.
“For centuries, malaria has stolen children from their parents, and health, wealth and hope from communities,” said WHO’s chief Tedros Adhanom Ghebreyesus.
“But today, the story is changing. New vaccines, diagnostic tests, next-generation mosquito nets and effective medicines, including those adapted for the youngest, are helping to turn the tide.
“Ending malaria in our lifetime is no longer a dream — it is a real possibility, but only with sustained political and financial commitment. Now we can. Now we must,” he added.
In 2024, there were an estimated 282 million malaria cases and 610,000 deaths in 80 countries, according to the WHO, and Africa accounts for 95 per cent of cases and deaths, with children under five accounting for three-quarters of those deaths.
The UN health agency says progress against malaria is being hampered by drug resistance, insecticide resistance, diagnostic failure and sharp reductions in foreign aid spending.
Globally, 70 per cent of countries do not have regulatory systems that are robust enough to oversee medicines, vaccines, tests and medical devices.
Credit: Channels TV
News
Chimamanda’s son: Board certified physician says “we want to see justice served”
A board-certified internal medicine physician, Dr. Anthea Nwandu, has called for Justice to be served in the case involving renowned writer Chimamanda Adichie, whose son was said to have died following alleged negligence by a hospital.
Nwandu stated this during an interview on Channels Television’s The Morning Brief on Thursday.
“The expectation is that the inquest proceeds as planned. We just want to see justice served, due process followed. We want to not have to deal with more and more delays by Euracare’s counsel.
“The delays are just like driving a nail in the wound. It’s just painful, so we expect justice to be served. We expect the legal process to proceed as planned without further delays,” she said on the breakfast show.
We were told that it has been adjourned till October. This is a proceeding that was supposed to have been started back in April, May, and now June; more and more delays now it has been postponed until October, so we just expect that Justice is served and the legal process is followed,” the physician said while speaking on the adjournment of the case.
According to her, the families are devastated.
“As you can well imagine, the families are continuing to be devastated. It’s an unimaginable experience, and they are not doing well; having this case drawn through public scrutiny like this is just extremely painful, honestly.
“Even getting to the end of the case will not bring Nkanu back, but to some degree it’s important for us to get answers, to understand why this happened and get justice done.
This drawn-out proceeding is not helping at all, and so it’s just so painful,” Nwandu added.
Her remarks come after Adichie lost her son on January 7, 2026, at Euracare Multi-Specialist Hospital.
An inquest into Nkanu Nnamdi Esege’s death commenced on February 25,2026.
However, in May, the coroner sitting at the JIC Taylor Courthouse, Lagos Island, suspended the hearing into the cause of 21-month-old Nkanu’s death, pending further directives from the chief coroner, Justice Mojisola Dada.
On Wednesday, the coroner sitting at the JIC Taylor Courthouse, Lagos Island, further adjourned the case to October 8,2026.
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