Oladimeji Uthman, the Senate Clerk of the National Association of Nigerian Students (NANS), has pleaded with lawmakers to reevaluate the fintech businesses’ newly imposed electronic transaction fees.
Uthman strongly disagreed with the new rule, which calls for a ₦50 deduction for any electronic transfer of ₦10,000 or more made through fintech services, in a statement that was made public on Sunday.
This proposal is expected to put further financial hardship on Nigerian students and the society at large. It is set to go into effect on September 9, 2024.
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Uthman noted that this new charge, which was previously limited to commercial banks, now applies to fintech platforms such as OPay and Moniepoint, effectively ending the period of complimentary banking services that many of these providers had offered.
“The levy directed to the Federal Government via the FIRS does not benefit the fintech companies themselves,” he stated.
Uthman urged the Federal Government to consider alternative revenue streams, including investments in agriculture, high-quality education, infrastructure enhancement, and job creation, instead of placing further financial strains on students and the general populace.
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“This sentiment reflects a broader discontent among students who believe that government revenue strategies should focus on long-term development rather than immediate taxation.
“The proposed ₦50 Electronic Money Transfer Levy (EMTL) impacts over 40.1 million Nigerian students who use these fintech services. Many students rely on financial transfers for their education and daily expenses, and the new levy could significantly reduce the funds available for essential needs such as school fees, textbooks, and living expenses,” the statement read.
