A Nigerian man said he made a transfer of N20,000 from his UBA bank account to Opay and showed the deductionDemi Tubors, who shared a screenshot on X, said the deduction was labelled as an ‘electronic money transfer levy’Social media reports have suggested that Nigerian fintechs have started deducting this amount from the consumer
A Nigerian man has expressed concern after being charged N50 for transferring money over the weekend.
Demi Tubors said he shifted the money from his UBA to his Opay bank account, resulting in the deduction.
A Nigerian man says he was charged N50 for transferring money from UBA to Opay due to a levy. Photo credit: X/Demi Tubors.
Source: Twitter
The man had responded to another post on X stating that all Nigerian banks would be charging N50 for amounts above N10,000.
Demi confirmed this, stating that the deduction was termed as an ‘electronic money transfer levy’ as seen on his payment advice.
“True. I sent 20k from UBA to my Opay and it’s true 50 naira is debited. So on every transfer of 10k and above, 50 naira would be debited each.”
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Techpoint Africa previously reported that the deductions on fintech platforms began in September 2024 and caused an uproar among Nigerian banks’ client bases.
According to recent reports, Opay sent a notice disclosing that the Nigerian government had imposed a levy via the Federal Inland Revenue Service (FIRS).
Reactions to man’s electronic transfer levy deduction
@wascolee said:
“You say it like it’s something that just got implemented today. Something that got introduced with the finance act, 2020.”
@AdenikeAwe1
Yes, I am aware. GTB charged me several times last month Thank God for Lemfi, I won’t be putting any Naira in my account, will be paying people straight from Lemfi.”
@douglas_chike said:
“Where does the Nigeria banking model come from? Nobody gets charged for transferring money over here. Nigeria is a crime scene. Crooks just come up with a policy to enrich themselves.”
@iam_paulash said:
“I got a text this morning towards this directive and the propose new tax bill stated that Nigeria ending below 800k won’t pay tax, is this not taxation also.”
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Opay reassures customers about fund safety
Henzodaily.ng also previously reported that a leading Nigerian financial services provider, Opay assured customers that their funds were safe.
In a statement on its X account on April 30, 2024, the bank said it was committed to fighting any illegal financial activities in the country.
Nigerians on social media had expressed mixed feelings about the CBN’s directives on the linking of BVNs and NINs for all transactions.
Source: Henzodaily.ng