The Senate Clerk of the National Association of Nigerian Students (NANS), Oladimeji Uthman, has urged economic policymakers to reconsider the recently implemented electronic transaction fees imposed by fintech companies.
In a statement released on Sunday, Uthman expressed his strong disapproval of the new regulation, which requires a deduction of ₦50 for every electronic transfer of ₦10,000 or more conducted through fintech services.
This policy, scheduled to be enforced starting September 9, 2024, is perceived as an additional financial strain on Nigerian students and the broader community.
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.
“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.
