Electronics Transfer Levy: Man Who Transferred N20k From UBA To Opay Shares How Much Was Deducted

• A Nigerian man said he made a transfer of N20,000 from his UBA bank account to Opay, and N50 was charged from his account
• Demi Tubors, who shared a screenshot on X said the N50 deduction was labelled as 'electronic money transfer levy'
• There were social media reports that Nigerian fintechs have started deducting the electronics money transfer levy

A man said when he transferred money over the weekend, he was charged the sum of N50.

Demi Tubors said he transferred money from his UBA to his Opay bank account when the deduction was made.

Demi said the deduction was termed 'electronic money transfer levy' as seen on his payment advice.

He said:

"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."

There were social media reports that the deductions, which are made on transactions carried out on fintech platforms, kicked off in December and that banks notified their customers.

Read also

FG begins N50 Electronic Transfer Levy charges on Opay, PalmPay, others, companies send mssages

According to reports, in a notice sent to customers in September, Opay disclosed that the Nigerian government imposed the levy via the Federal Inland Revenue Service (FIRS).

See the post below:

Reactions to deduction of electronic transfer levy

@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."

Read also

Doctor who relocated abroad says he was receiving N189k as monthly salary while in Nigeria

Opay sends messages to customers on funds in their accounts

Legit,ng earlier reported that Opay, a leading financial services provider in Nigeria, reassured its customers regarding the security of their funds.

In a statement on its X account on Tuesday, April 30, 2024, the bank said it was committed to fighting illegal financial activities in the country.

Nigerians on social media had expressed mixed feelings about the directives by the CBN mandating bank account holders to link their accounts to Bank Verification Numbers (BVNs) and National Identity Numbers (NINs) for all bank transactions.

Source: Legit.ng