- The announcement made by fintechs to comply with the government’s directive to charge ₦50 on all transactions ranging from ₦10,000 and above has been trending
- OPay and Moniepoint circulated the release to its customers, explaining that they were not benefitting from the charge in any way
- TheRadar compiled different reactions from Nigerians regarding the development
Following the recent directive of the Federal Inland Revenue Service (FIRS), fintech companies which are known to charge little or no transaction fees are to start charging ₦50 on all transfers of ₦10,000 and above starting from September 9, 2024.
Since the release, different reactions have been coming from Nigerians. Some felt the tax levy was necessary, while others felt it was an act of extortion from the government and a fulfilled promise of President Bola Tinubu.
Nigerians react to N50 charge by fintechs
TheRadar compiled the following reactions from netizens to the new release from Opay.
@Harmless12345 wrote:
“Tinubu has mandated Opay to start charging N50 naira tax on electronic transfers. This is a welcome development. I've not been comfortable with Opay's zero charges. The president must discover taxable incomes. If you escape fuel, you won't escape Opay.”
“Widen the tax, let those who are not paying start paying.”
“And this is also in line with his campaign promises of ‘widening the tax net’. A man of his words, very commendable.”
“Amazing how new 'development' means milking every penny. What's next, a tax on breathing? Maybe he should focus on more substantial reforms instead.”
“All of a sudden, I heard we are charging 50 nairas; I was like, why..? He said nah so we see am frm government I said haaa. We don't have a government, we have wicked people in power without Conscience, tax everywhere and when u complain they will give u rice.”
“Harmlessly aiding and abating frustrations in the lives of vulnerable Nigerians by supporting a government that doesn't mean well got the people.”
“They should deduct it according to amount of transactions and they shouldn’t let it much in other not to affect the citizens.”
“It's company like OPAY that is making many Nigerians complain that the gov't isn't doing anything and is just extorting the masses. OPAY wants to be forming I generous pass your president abi? Them never see anything! Opay must stop encouraging d people to be feeling entitled!”
“But all of una hear tulumbu campaign promises oo, him been talk say him go increase una tax and make sure say una money no go fit buy anything for market. Na promise keeper him be.”
“Pure act of extortion and exploitation of the masses. God is watching.”
“Dear Nigerians, instead of sending 10k on Opay, Moniepoint, or other fintech platforms, kindly be sending N9,999. It’s better to lose N1 than lose N50. Let the poor breathe.”
“Opay has tried its best to keep the transfer fee & other charges low. So it can attract customers, and now they want Opay to charge higher regardless ?? If that is the case Opay would comply but would come up with other creative tactics to get more users.”
“This is not fee for transfer. You will be charged for receiving money. That’s the new tax. They will tax you for everything. They will intentionally kill businesses.”
With the growth of digital payment in Nigeria, is cash still king?
Meanwhile, TheRadar previously reported that the value of digital transactions increased 47.4 times between 2013 and 2023 to reach N657.8 trillion from N13.9 trillion, representing an average monthly figure of N54 trillion over the 10 years.
With the growth in digital transactions, driven by Nigeria’s young demographic, fintech innovations and the policies of the Central Bank of Nigeria, many wondered if cash was still king.
