The Senate Clerk of the National Association of Nigerian Students (NANS), Oladimeji Uthman, has called on economic policymakers to reconsider the newly introduced electronic transaction fees imposed by fintech companies.
In a statement issued on Sunday, Uthman expressed strong opposition to the regulation, which mandates a ₦50 deduction for every electronic transfer of ₦10,000 or more processed through fintech platforms.
Set to take effect on September 9, 2024, the policy is seen as an additional financial burden on Nigerian students and the general public. Uthman pointed out that this fee, previously restricted to commercial banks, will now extend to fintech services like OPay and Moniepoint, marking the end of free banking services that these platforms had been providing.
“The levy, directed to the Federal Government via the FIRS, offers no direct benefit to the fintech companies themselves,” Uthman clarified in his statement.
He urged the Federal Government to explore other revenue-generating avenues, such as investment in agriculture, education, infrastructure development, and job creation, rather than imposing further financial strains on students and the public.
“This reflects the broader dissatisfaction among students, who believe government revenue strategies should prioritize long-term development over immediate taxation,” he added.
Uthman also highlighted that the proposed ₦50 Electronic Money Transfer Levy (EMTL) would affect over 40.1 million Nigerian students who rely on fintech platforms for financial transactions. The new charge could significantly impact their ability to cover essential expenses like school fees, textbooks, and daily living costs, he said.
