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
All 13 passengers abducted along the Makurdi–Otukpo road in Otukpo Local Government Area of Benue State have been successfully rescued.
The victims were reportedly freed in the early hours of Sunday, following what sources described as a coordinated effort.
Meanwhile, official confirmation and operational details are still being awaited at the time of filing this report.
The abduction had earlier raised concerns among residents and commuters along the busy Makurdi–Otukpo axis, a route that has witnessed sporadic security challenges in recent times.
Security agencies are yet to issue a formal statement on the circumstances surrounding both the abduction and the subsequent rescue.
It also remains unclear whether any arrests were made or if ransom was involved.
Local sources, however, expressed relief over the safe return of the victims, describing the development as a significant breakthrough amid ongoing security concerns in the area.
The spokesperson of the Benue state Police command, DSP Udeme Edet could not be reached to confirm the story as at the time of filing this report.
The Joint Admissions and Matriculation Board has announced the arrest of two candidates and a parent for allegedly falsifying the 2026 Unified Tertiary Matriculation Examination results using Artificial Intelligence and other electronic tools.
The announcement was made on Friday as the board released the results of 632,788 candidates who sat for the examination on Thursday, April 16.
In a statement issued by JAMB spokesperson, Fabian Benjamin, the suspects were apprehended for tampering with official SMS result notifications to alter or fabricate scores with the intention of deceiving others, including parents and guardians.
“Currently, two candidates and one parent are in custody for engaging in result falsification using AI and other electronic means,” the statement said.
Benjamin emphasized that such actions constitute serious criminal offences and warned that the board would ensure that all those involved are prosecuted in accordance with the law.
He further cautioned candidates against interfering with result messages sent through JAMB’s official SMS platforms, 55019 and 66019.
Candidates who took the examination on Thursday can check their results by sending “UTMERESULT” via SMS to 55019 or 66019 using the phone number linked to their registration. Printing of official result slips is not yet available but will be enabled later.
The 2026 UTME commenced on April 16 and is scheduled to run until April 22 across examination centres nationwide. Results will continue to be released in batches as the exercise progresses.
News
How NDLEA operatives uncovered cocaine, loud in food flasks, snacks, nabs fashion designer, others(Photos)
. Raids Edo, Cross River forests, destroys over 17,000kg skunk; recovers large consignments in Lagos, Delta, Kaduna operations
Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted 12 large parcels of cocaine concealed in false bottom of food flasks heading to the United Kingdom via a Virgin Atlantic Airline flight from the Murtala Muhammed International Airport (MMIA) Ikeja, Lagos.
The cocaine consignment with a gross weight of 2.80 kilograms was intercepted on Thursday 9th April 2026 by NDLEA operatives attached to the export shed of the Lagos airport while two cargo agents involved in the export bid: Ama Obinna Ufeim, 33, and Ogabi Monday Akorede, 39, were swiftly arrested. Further investigation revealed a 52-year-old freight and forwarding agent Agoro Tajudeen Moninuola as the sender of the consignment and he was arrested in a follow-up operation.
In a similar operation, NDLEA officers at the import shed of the Lagos airport on Wednesday 8th April intercepted a consignment of Loud, a strong strain of cannabis, with a gross weight of 2.90 kilograms and concealed in snack food packs, which arrived from the United States of America aboard a Delta Airlines flight.
Two cargo clearing agents: Animashaun Moshood Adetunji and Mercy Gabriel Oluwasegun, were initially arrested in connection with the seizure before the consignee, Saheed Adeshina Adegoke, a 29-year-old fashion designer, was nabbed in a follow-up operation at 3 Oba Ogunji road, Ogba, Lagos, on Monday 13th April.
In Kaduna, NDLEA operatives on patrol along Kaduna-Zaria highway by Gwargwaje Zaria on Monday 13th April intercepted a trailer conveying cement heading to Hadeja in Jigawa state. A search of the truck led to the recovery of 760 blocks and 33 jumbo bags of skunk, a strain of cannabis, weighing 847 kilograms. The truck driver Umar Garba Haruna, 33, was arrested in connection with the seizure.
A 53-year-old female suspect, Alice Sunday Udoh, was arrested on Thursday 16th April when NDLEA officers supported by soldiers raided a forest in Uwet community, Akamkpa LGA, Cross River state, where 15,000 kilograms of skunk on six hectares of farmland were destroyed and 119kg of same substance recovered.
Another cannabis farm was raided on Tuesday 14th April at Saboro camp, Ovia North East LGA, Edo state where NDLEA operatives destroyed 2,281.43kg of same psychoactive substance, while three suspects: Nweke Smart, 27; Christopher Egbe, 62; and Monday Ayan, 45, were arrested, with the duo of Christopher and Monday caught with 38.5kg cannabis and its seeds. Two suspects: Sunday Odili, 49, and Ijenebe Joshua, 39, were nabbed with 87.838kg skunk and seeds at Powerline area of Okwo, Delta state on Friday 17th April.
In Lagos, two suspects: Chinedu Ogbekene and Zindozin Aloukou Bienvenu were arrested on Wednesday 15th April at Mile 2, Lagos/Badagry expressway while conveying 11,900 capsules of tramadol and 400 ampoules of phenobarbital injection in a truck to Ghana. Same day, NDLEA operatives raided a two-storey building at Petti, Lagos Island, where a total of 95.8kg skunk was recovered.
With the same zeal, Commands and formations of the Agency across the country continued their War Against Drug Abuse, WADA, sensitization activities in schools, worship centres, work places and communities among others in the past week. These include: WADA enlightenment lecture for students and staff of Alfurgan Islamic School, Paiko, Niger state;
Edgerly Memorial Girls Secondary School, Calabar, Cross River; Heritage Model School, Ankpa, Kogi; Government Day Junior and Senior Secondary School, Kankia, Katsina; Government Senior Secondary School, Rano, Kano, and De Ambassador Secondary School, Epe, Lagos state, among others.
While commending the officers and men of MMIA, Edo, Delta, Cross River, Kaduna, and Lagos Commands of the Agency for the arrests and seizures, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd) noted their drug supply reduction efforts balanced with WADA sensitization activities while he charged them and their compatriots across the country to maintain the current tempo.
All 13 kidnapped Otukpo passengers, successfully rescued
Board cautions candidates after arrest of suspects over doctored UTME scores
How NDLEA operatives uncovered cocaine, loud in food flasks, snacks, nabs fashion designer, others(Photos)
-
News23 hours agoExpulsion: Bala, Abejide vow to battle Mark-led ADC faction to finish
-
News20 hours agoJAMB: See How To Check, Print 2026 UTME Result Slip
-
News23 hours agoJust in: Iran seals Strait of Hormuz again, blames US
-
News20 hours agoTroops nab nine suspected terrorists in Plateau, recover arms, ammunition
-
News23 hours agoJust in: Bandits reportedly kidnap newly installed monarch, wife, one other in Kwara
-
Metro9 hours ago
Bandits Demand N9m Per Benue JAMB Victim As Police Nab Seven
-
Politics9 hours agoADC crisis deepens as Binani-led bloc quits Adamawa chapter
-
Sports9 hours agoReal Sociedad Beat Atletico On Penalties To Win Copa Dey Rey
You must be logged in to post a comment Login