News
E-transfer levy: Consumers kick as POS operators raise charges
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
News
2027: Rainbow Coalition Signals Fresh Political Realignment in Nigeria — Sokoto PDP Guber Candidate
The Peoples Democratic Party (PDP) governorship candidate in Sokoto State, Abubakar Sokoto, has described the emerging Rainbow Coalition as another chapter in Nigeria’s long history of political alliances and realignments.
Sokoto, in a statement issued in Sokoto on Tuesday, said political coalitions had remained a recurring feature of Nigeria’s electoral history, with parties and political groups often coming together to pursue shared political objectives.
According to him, while the names, personalities, circumstances and goals behind such alliances may change, political realignment remains an established part of the country’s democratic process.
He cited the 1999 AD-APP joint presidential ticket of Olu Falae and Umaru Shinkafi as one of the notable examples of political cooperation in Nigeria.
He also recalled the Coalition of Progressive Political Parties ahead of the 2015 general elections, as well as the merger involving the Action Congress of Nigeria (ACN), Congress for Progressive Change (CPC) and All Nigeria Peoples Party (ANPP), which eventually led to the formation of the All Progressives Congress (APC).
“The greatest lesson from these experiences is that political coalitions are about people as much as they are about parties,” he said.
On the latest political realignment, Sokoto noted that the Minister of the Federal Capital Territory (FCT), Nyesom Wike, had described the Rainbow Coalition as a multi-party platform mobilising support for President Bola Tinubu’s 2027 re-election bid.
He added that Wike had also maintained that the coalition was not an APC structure.
Sokoto said concerns reportedly expressed by some APC governors over the emerging coalition should be viewed within the broader context of Nigeria’s history of political alliances and realignments.
He urged APC governors and other party leaders to adopt what he described as a pragmatic approach to the developing political configuration ahead of the 2027 elections.
The PDP candidate also called on Nigerians to support efforts aimed at ensuring that the 2027 general elections are free, fair and credible.
News
Niger Miners’ Deaths: ‘Anyone Who Tampers With Evidence Will Face Full Wrath of Law’ — Tunji-Ojo
The Federal Government has warned that anyone who attempts to destroy or conceal evidence, intimidate witnesses or obstruct investigations into the deaths of 37 suspected illegal miners in Niger State will face prosecution.
Minister of Interior, Olubunmi Tunji-Ojo, issued the warning on Tuesday in Abuja while inaugurating a 10-member independent investigative committee set up to establish the circumstances surrounding the deaths of the detainees in the custody of the Nigeria Security and Civil Defence Corps (NSCDC).
The 37 detainees died on September 17, days after they were arrested during NSCDC operations against suspected illegal mining in the M.I. Wushishi and Lukoto areas of Niger State on September 15 and 16.
The circumstances and actual cause of the deaths remain under investigations.
Speaking at the inauguration of the panel, Tunji-Ojo directed the NSCDC leadership and all officers linked to the incident to cooperate fully with investigators and ensure that all relevant records and material evidence are preserved.
“All records and material evidence connected to this incident, I have directed that they must be preserved and made available,” the minister said.
He added: “Any attempt by anybody to destroy or conceal evidence, intimidate witnesses or obstruct this investigation will be treated as a serious offence against the nation and it will not be tolerated.
“If it ever happens, I give you my word, the full hammer of the law will descend on such an individual.”
‘We Owe Nigerians the Truth’
Tunji-Ojo said the Federal Government was determined to establish the truth and ensure accountability, regardless of the status of anyone found culpable.
“To Nigerians, I say this: we owe you the truth.
This committee will give you the truth. No officer, no matter how highly placed, or any individual will be shielded if found culpable,” he said.
The minister also appealed to the families of the deceased to remain calm, assuring them that the government would not abandon them.
“To the families who lost loved ones, I appeal for calm and patience. This government will not and will never abandon you,” he said.
Tunji-Ojo charged the committee to conduct a thorough investigation and promised that its findings would not be ignored.
“I challenge you: let your antecedent speak when the report is submitted, and I assure you of one thing: this report will not be swept under the carpet,” he said.
He added that those found culpable would face the appropriate legal consequences.
“We will call a meeting like this; we will present the report, and whoever needs to be prosecuted will be prosecuted, and whoever needs to be dealt with in line with the law will be dealt with,” the minister said.
Panel to Determine Cause of Death, Responsibility
The committee, chaired by retired Deputy Director-General of the Department of State Services (DSS), Jonathan Kure, is expected to establish the identities of the deceased and investigate the circumstances surrounding their arrest and detention.
It will also determine the cause and circumstances of the deaths, establish responsibility, complicity, negligence or misconduct, and recommend appropriate action, including compensation where applicable. The panel is also expected to recommend measures to prevent a recurrence.
The committee has two weeks to complete its investigation and submit its report to the Minister of Interior.
The NSCDC initially attributed the deaths to a suspected disease outbreak, but the official cause has not been established.
The Federal Government has ordered a comprehensive investigation into the circumstances surrounding the deaths.
The incident has generated widespread public outrage, with survivors and relatives making allegations about the conditions in which the detainees were held. Reports have included claims of overcrowding and poor ventilation, as well as allegations that an unidentified substance was sprayed inside the cell. Those claims remain subject to investigation.
Following the incident, the Federal Government suspended the Niger State NSCDC Commandant, Suberu Siyaka Aniviye, along with 20 other officers pending the outcome of the investigation.
The NSCDC subsequently paraded the suspended commandant and other officers linked to the incident at its national headquarters in Sauka, Abuja, as the Corps presented preliminary findings to journalists.
President Bola Tinubu had earlier ordered a full and transparent investigation, saying the government would not tolerate mass deaths arising from official negligence, dereliction of duty or failure by public officials to protect people placed in their care.
Channels Television
News
Akpabio pays condolence visit to Bamanga Tukur family says he was a detribalised Nigerian(Photos)
President of the Senate, Godswill Akpabio, has described the late Elderstatesman and former National Chairman of the Peoples Democratic Party(PDP) Alhaji Bamanga Tukur, as a detribalised Nigerian whose contributions to the country transcended ethnic and political boundaries.
Akpabio, who arrived Nigeria from Italy yesterday, stated this while on a condolence visit to the family of the late former governor of the defunct Gongola State on Tuesday. He described the late Tukur as “a detribalised Nigerian, great patriot and towering national figure whose contributions to the country transcended ethnic and political boundaries.”
A statement by his Special Assistant on Media, Jackson Udom, disclosed how Akpabio recalled his personal relationship with the late elder statesman, noting that Tukur had, among other engagements, chaired an event he attended in London in 2009.
“The late Tukur left behind a legacy of love, wisdom and service to the nation and would continue to serve as an example to younger politicians and Nigerians.”
He expressed regret that Tukur was no longer alive to continue sharing his wealth of experience and wisdom, adding that his contributions to national development would remain memorable.
Akpabio also disclosed that the National Assembly would honour the late elder statesman on the floor of the Senate when it resumes, while urging Tukur’s children to continue in their father’s footsteps and uphold the values for which he was known.
Responding on behalf of the family, one of the deceased’s sons, Mahmoud Tukur, thanked the President of the Senate, his wife, Mrs Unoma Akpabio and his entourage for the condolence visit.
Mahmoud also expressed appreciation to President Bola Tinubu and Nigerians for honouring and remembering his father, who died at the age of 90 on Saturday, September 12, 2026.
-
News21 hours agoFCT minister Wike’s words on marble
-
News21 hours ago2027: Wike Reveals Why APC Governors Are Opposing Rainbow Coalition
-
News12 hours agoChristian candidates will punish Nigerian Muslims if elected in 2027 elections: APC Lawmaker Ibrahim Shittu
-
News12 hours agoNigeria signs acquisition agreement for 12 Viper Attack helicopters from U.S
-
Sports12 hours agoMohammed Salah Fined, Banned In UK From Driving For Six Months Over Speeding Case
-
Politics12 hours ago2027: APC, APGA disagree over Anambra ‘alliance’

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login