This new policy, introduced by the administration of President Bola Tinubu, affects both personal and business accounts, triggering a one-time N50 fee for every qualifying transfer. The levy is part of a broader effort by the government to increase revenue through taxation of digital transactions in Nigeria’s booming fintech sector.
Opay and Moniepoint, two of the largest players in the space, have already issued notifications to their customers, clarifying that the deductions are mandated by the government and are not a source of revenue for the platforms themselves. In their communications, both companies stressed that the charges would be directed entirely to the Federal Government and that they are merely acting in compliance with FIRS regulations.
While this policy aims to bolster government revenue, it raises questions about the potential impact on Nigeria’s growing fintech industry and its millions of users. For many, digital transactions have become a lifeline in an economy where cash flow can be unpredictable and access to traditional banking services remains limited.
As fintech platforms brace for the implementation of this new levy, users may need to adjust to the added cost, even as the broader implications for the digital economy continue to unfold.
