The National Association of Nigerian Students (NANS) has raised its voice against the newly introduced N50 Electronic Money Transfer Levy (EMTL), which is set to take effect from September 9, 2024. This levy mandates a deduction of N50 for every electronic transfer of N10,000 and above through fintech platforms like OPay and Moniepoint.
In a statement signed by the Senate Clerk of NANS, Oladimeji Uthman, on Sunday, the association expressed its disapproval of the policy, which it believes will impose further financial hardship on Nigerian students. Uthman called for an immediate reversal of the levy, urging economic managers to reconsider the detrimental impact it may have on students and the general public.
According to Uthman, the policy, which previously applied only to commercial banks, now extends to fintech companies, effectively ending the era of free banking services that many students and everyday Nigerians had come to rely on. “The levy directed to the Federal Government via the FIRS does not benefit the fintech companies themselves,” Uthman emphasized, highlighting that the charges are solely for government revenue purposes.
Broader Concerns
The clerk urged the Federal Government to explore alternative revenue-generating avenues such as investing in agriculture, education, infrastructure development, and job creation, instead of imposing additional financial burdens on students and ordinary citizens. Uthman’s statement reflects a broader frustration among students, who believe that government strategies should focus on long-term economic development rather than immediate taxation.
“This levy could have a disproportionate impact on over 40 million Nigerian students who rely on these fintech services for educational and daily living expenses. The added financial strain could reduce the funds available for essential needs such as school fees, textbooks, and living costs,” Uthman said, echoing the concerns of many.
Growing Frustration Among Students
As this policy takes effect from today, September 9th, 2024, discontent is growing rapidly across student communities and on social media. X (formerly Twitter) has been flooded with reactions as students express their displeasure over the new charges.
One X user remarked, “Opay no pay again,” capturing the frustration of many users who once viewed fintech services as an affordable lifeline. OPay has quickly become a trending topic on the platform, with users questioning the fairness of the levy.
As outrage builds and the streets of X buzz with debates, it remains to be seen whether the government will heed NANS’ call for a reversal or press forward with the policy as planned.
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