Reactions have trailed the announcement by financial technology firm Opay to introduce a N50 stamp duty fee on transactions of N10,000 and above from Monday.
According to a notice to customers on Saturday, Opay said the move complies with Federal Inland Revenue Service (FIRS) regulations, noting that the fee will be applied to electronic transfers into personal and business accounts.
The deductions will commence on September 9.
“Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations,” the statement reads.
The company said it does not benefit from deductions as the charges go to the federal government.
“It is important to note that OPay does not benefit from this charge in any way as it is directed entirely to the Federal Government,” OPay added.
On December 31, 2020, Muhammadu Buhari, former president, signed the 2020 finance Act, which imposed a levy of N50 on electronic receipts or transfers of the aforementioned sum.
In July 2022, Kuda Microfinance Bank introduced the stamp duty on all deposits of N10,000 and above.
Following the development, some Nigerians have taken to the social media platforms to share their thoughts.
On X, formerly Twitter, @samGuru79 wrote:
“Na so! The N50 deduction from all FINTECHs will be used to maintain and run presidential jets, yachts, and buy super premium PMS for the presidential Escalade car.
Congrats to us for tightening our belts to make Mr. President live a very comfortable life.”
Hassan M Yahaya said, “The greatest mistake Nigerians ever made was voting for this Lagos landlord. Since fifteen months ago, we have been living in our own land as refugees and slaves. The only source that remains for the common man to transact money since Nigeria banks suddenly turned to fraudsters.”
On Facebook, Ibrahim Ibn Owuri wrote, “Hahaha!! The government we thought would come and give us relief, execute policies that would make our institutions strong enough! But nay! Rather, they turned to the opposite, they turned to tax collectors, made the economy stiff enough for man not to be able to afford 3 square meals!
Very sad, since independence Nigerians are facing a robust economic menace 😐”
Prince Invinzible said, “Tinubu don carry Lagos taxes pattern bring am to all Nigerians.”
Gaven Jonathan said, “I will close my Opay account right away. Let me maintain my bank account.”
What you should know about the N50 Stamp Duty Fees:
The N50 fee is a one-time charge that will be applied to each eligible transfer in line with the government’s directive.
This development follows the enforcement of the Electronic Money Transfer Levy (EMTL), a tax introduced by the Nigerian government under the Finance Act 2020.
The EMTL mandates a fixed levy of N50 on electronic receipts or transfers of funds, facilitating the collection of revenue to support the country’s fiscal needs.
The tax is levied on transactions processed through any money transfer or payment system and applies to amounts of N10,000 or more.
The levy is part of broader efforts by the government to diversify its revenue sources amid growing need to finance public services and infrastructure projects.
In recent times, Nigerians and business owners have increasingly turned to neobanks due to their reliability and efficiency. These platforms are favored for their lower-than-average transaction decline rates and the ability to instantly reverse transactions in the event of failed payments.
