The Federal Government (FG) of Nigeria has announced plans to commence the deduction of a ₦50 electronic levy from transactions conducted on Moniepoint, a popular fintech platform widely used for electronic payments and banking services.....Read Full Article>>
This development has raised concerns among Nigerians and stakeholders within the financial sector, as it adds another layer of charges to digital transactions already subjected to various fees.
The ₦50 electronic levy, commonly referred to as a ” stamp duty fee, ” is not entirely new. It has been in place for certain financial transactions in Nigeria, particularly those conducted via banks.
However, its extension to fintech platforms like Moniepoint marks a significant shift in the government’ s revenue collection strategy. According to officials, the levy aims to bolster government revenue and ensure that financial technology platforms contribute their fair share to the nation’ s tax base.
The Federal Inland Revenue Service (FIRS), in collaboration with the Central Bank of Nigeria (CBN), is responsible for implementing this policy. Transactions involving electronic money transfers, particularly those exceeding ₦10, 000, will be subject to the ₦50 deduction.
The levy will be automatically deducted from users’ accounts upon completing eligible transactions, with Moniepoint expected to remit the collected funds to the government.
Despite these reassurances, the policy has sparked widespread debate about the balance between revenue generation and promoting financial inclusion. As the implementation date approaches, all eyes remain on the FG, the CBN, and Moniepoint to see how this levy will affect electronic transactions and the broader economy.
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