Electronic Transfer Levy: Lady Sends Less than N10,000 Thrice to OPay Account to Escape Deduction

• A lady has shared the strategy she came up with in order to escape being levied the N50 deduction introduced by the federal government
• The OPay user transferred less than N10,000 in quick succession and opened up about what happened after she did so
• Legit.ng reported that the federal government had kickstarted charging the electronic money transfer levy (EMTL) on transactions on fintech platforms

Reacting to a report that the federal government was imposing a N50 deduction on transactions of N10,000 and above done on fintech platforms, a lady has shared how she beats the levy.

In a tweet on X, the lady, @WarriPrettiest, displayed her recent three transfers to her OPay account.

According to @WarriPrettiest, she transferred less than N10,000 three times, so she won't be levied N50, and her strategy worked.

A look at the screenshot she posted showed she made transfers of N9.820, N9,999 and N9,990 in quick succession. She tweeted:

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"Meanwhile me this morning lol 😂.

"I just transferred thrice instead so they won’t deduct N50 from the money I want to send to my own account."

See her tweet below:

Reactions trail lady's transfer to OPay account

@folusamy said:

"All this because of N50? Do you realise you have spent more than this on data cost and the stress? Kobo wise, naira foolish!"

@niceobyno said:

"Una sabi cast update enh."

@SammyEvolve said:

"You're so spot on.

"But after an individual has exhausted his free daily transfer, he'll be charge subsequently."

@j_taymi said:

"Once they see this now omo na to go as low as 5k instead of 10k."

@collette_monie said:

"😂😂😂 That’s d goal. Don’t enrich the rich."

@Alhaji_larosh29 said:

"The charges from the other banks nko e no reach 50 naira."

@Ayemzo4real said:

"U shouldn't have shared this, once t-pain sees this again he will come up with another strategy."

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@IamDcHenry said:

"They charge you 20N for doing the transfer 3 times will be 60N . Am i correct?"

OPay, Palmpay, and others react to EMTL

Meanwhile, Legit.ng previously reported that fintech companies had reacted as the federal government began the electronic money transfer levy.

The fintech firms include Opay, Moniepoint, Palmpay, Kuda Bank, and other digital payment platforms.

The Nigerian government introduced the EMTL under the 2020 Finance Act. It imposed a single, one-off levy of N50 or above on electronic transfer transactions made by banks and other financial institutions. Legit.ng earlier reported that the levy was scheduled to begin on September 9, 2024.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng