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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.

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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.”

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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.

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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.

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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!”

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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?”

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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.

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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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HoR Minority Caucus decries killings in Plateau, Benue states, urges immediate presidential decisive actions

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The Minority Caucus in the House of Representatives has expressed serious concerns over killings in Plateau and Benue states demanding immediate presidential decisive actions.

This was contained in a statement jointly signed by leaders of the caucus, Rep Kingsley Chinda, leader, Rt. Hon. (Dr) Ali Isa J.C
Minority Whip ,Rt. Hon. Aliyu Madaki Deputy Minority Leader ,Rt. Hon. George Ozodinobi
Deputy Minority Whip.

The caucus in the statement outrightly condemned the disturbing trend of killings, maiming, and kidnapping of innocent people across the country.

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” Following the killings of over 50 people in Bokkos, Plateau state; loss of many lives in twin attacks in Otukpo, Benue state, coming a few days after the Uromi, Edo state unfortunate incident, the Caucus is seriously worried about these growing acts of brigandage and unprovoked attacks on law-abiding citizens.

The Caucus is deeply concerned that with reckless abandon, deliberate disrespect for human lives, and disregard for the constitution of the Federal Republic of Nigeria, these marauders inflict merciless torture, unexplainable pains, and callous killings of helpless, and defenceless Nigerians.

These gruesome murders and the shedding of the blood of innocent lives happening in quick successions in three locations across the country, stands condemnable by every conscionable Nigerian.

The ferociousness and sporadic nature of the vicious actions perpetrated by yet unknown persons remains shocking.

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Worried about the dangers this portends to the security of lives and properties of Nigerians; which is the main purpose of government, the Caucus calls on President Bola Tinubu to take deliberate, intentional, and timely decisions towards nipping the disturbing tide in the bud.

Good, he has directed that the perpetrators should be apprehended. However, given the severity of these incidents, and implications on national security, the Caucus urges the president; through the National Security Adviser to ensure that all security agencies embark on comprehensive and strategic collaboration towards arresting those involved in these heinous and gory incidents.

The government should ensure the immediate release of the numerous innocent people that were kidnapped during the dastardly incidents.

The Caucus commiserates with the government, and people of Plateau, and Benue states over the unfortunate incidents. The Caucus also expresses deep condolences to the families of the victims, and pray for the quick release of those kidnapped.

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Finally, as a responsive and responsible group of lawmakers, the Caucus promises to pursue legislative actions; where and when necessary towards finding realistic solutions to these negative developments in our country.

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OERAF held memorial lecture on conflict resolution, security/safety of community in Nigeria

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The Olotu and Rowland Ekuogbe Akpodiete Foundation (OERAF) on Tuesday 8th April, 2025 held memorial lecture on conflict resolution and security/safety of community in Nigeria, in honour of late chief Ekuogbe Rowland Akpodiete Ph.D, who was born on April 4th 1924 and passed on April 9th 1995.

The event which took place at the popular Ughelli Kingdom Hall, witnessed several brilliant security experts and government functionalities.

Presenting his brief opening speech, the Executive Director of Olotu and Rowland Ekuogbe Akpodiete Foundation, SPY CSP Olotu Otemu Akpodiete Ph.D (JP) revealed that over the years, the foundation has been touching lives and rendering community impact services across board.

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He maintained that his late grand father was a great community leader per excellence and until his death, he was the spoke person (Otota) of the great Ughelli Kingdom. which is why as we celebrate his remembrance, I decided to use the opportunity to impact more lives.” He added.

On his part, the guest speaker of the event, Mr Sylvester Obose, CSS,MNIIS dealt wonderously on the topic.

According to him, Mr Sylvester said the training focuses on the definition, causes of conflict, and dynamics of conflicts.

He further said that the goal was to increase participants knowledge of the concept and study of conflict and conflicts prevention.

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He concluded that the safety and security of our community is something that is of paramount importance. By implementing those measures presented to you today, everyone of us stand a better chance of making community safe and secured.

Dr Wilton T. Harry, MIS, CPP,DFCSI,FNIS, also spoke extensively on the same topic during the security training. He posited that the security of lives and properties is a collective responsibility.

The OERAF Executive Director also use the medium to register several others into the Delta State Contributory health insurance scheme.

Dignitaries present during the training were: Olorogun Major Patrick A. Egone Rtd, member Delta State Advisory Council, Chief Emmanuel Ogobene, member Delta State Advisory Council, Mr Edwin Asima, LGSC, Ughelli North Local Government, Chief. Mrs Grace Akpodiete, Deaconess Florence Enughwure, Bar. Agboka Akpodiete- Omale.

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Other highlights of the event was the organizing of raffle draws for all the communities present and Ughelli Kingdom VGN, where Erhuwarien Community in Ughelli South LGA and Ekredjebo Community in Ughelli North LGA won security communication gadgets.

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NLC Warns Abure to Step Aside, Urges LP Members to Be on Standby

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By  Gloria Ikibah

The Nigeria Labour Congress (NLC) has issued a stern warning to Julius Abure, following the Supreme Court ruling on April 4, 2025, which declared the tenure of Mr. Abure and his National Working Committee (NWC) as expired and no longer legally recognized.

Despite the court’s clear ruling, Mr. Abure has continued to release statements insisting he remains the chairman of the Labour Party (LP). The NLC has strongly condemned his actions, describing them as “an affront” to the rule of law and the authority of Nigeria’s highest court.

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In a statement signed by the NLC President, Comrade Joe Ajaero, the Congress accused Abure and his supporters of “crass disdain for decency” and warned that the patience of Nigerian workers and genuine LP members is wearing thin.

“The current affront of Mr. Julius Abure and co-travellers against the law… has convinced those who doubted our earlier position that Mr. Julius Abure and the few miscreants following him have sworn themselves to utter impunity,” the statement read.

The NLC also debunked allegations that it was planning to attack Labour Party offices, calling such claims false and a distraction from the real issue of compliance with the Supreme Court judgment.

“We use this medium to put every Nigerian worker, Labour Party member, and patriotic citizen on alert. We will no longer condone the antics of inconsequential characters like Mr. Julius Abure,” Ajaero said.

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He added that the NLC and its allies would not stand by while the rule of law is undermined and urged all genuine members of the Labour Party to prepare to “peacefully repossess all offices of Labour Party nationwide.”

According to the statement, the NLC Political Commission and concerned stakeholders will soon issue directives on how this will be carried out. They also called on security agencies, especially the Nigeria Police and the DSS, to uphold their constitutional responsibilities and support the enforcement of the Supreme Court’s judgment.

The statement also urged the Independent National Electoral Commission (INEC) to fully comply with the court’s ruling by removing all traces of Mr. Abure and his team from its records.

To resolve the current leadership crisis in the Labour Party, the NLC said the remaining institutional members of the party’s National Executive Committee (NEC) are expected to appoint an interim leadership and organize a Special National Convention, as prescribed by the party’s constitution.

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“A word is enough for the wise!” Ajaero added.

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