The Senate Clerk of the National Association of Nigerian Students (NANS), Oladimeji Uthman, has urged economic managers to reverse the newly introduced electronic money charge imposed by fintech companies.
In a statement released on Sunday, Uthman expressed strong opposition to the policy, which mandates a N50 deduction on every electronic transfer of N10,000 and above processed through fintech platforms.
The policy, scheduled to take effect on September 9, 2024, has raised concerns about increasing financial strain on Nigerian students and the wider population.
Uthman noted that the levy, previously applicable only to commercial banks, will now extend to fintech services like OPay and Moniepoint, ending the era of free banking services that many Nigerians have relied on.
“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 N50 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.
