In a move that has sparked widespread dissatisfaction, operators of Point-of-Sale (POS) terminals have increased their charges, following the implementation of the Federal Inland Revenue Service’s (FIRS) Electronic Money Transfer Levy (EMTL). This N50 levy applies to any electronic transfer of N10,000 or more, in line with the new tax regulations. Starting December 1, 2024, several fintech platforms, including Moniepoint, PalmPay, and OPay, began notifying their customers of the N50 charge on any electronic inflow of N10,000 or more. The levy, part of the Finance Act 2020, is designed to bring more electronic transactions under the scope of the Stamp Duty Act. Moniepoint clarified in an email that the N50 charge will be applied to inflows above N10,000, but emphasized that the company does not benefit from the levy. Instead, it is collected by Moniepoint and remitted to the FIRS. PalmPay echoed this, stating that the levy, effective November 30, 2024, would be remitted directly to the federal government. Some POS operators, however, are struggling with the impact of the levy, particularly in regions with limited cash availability. Kazeem Adewale, a POS operator in Ogun State, voiced his frustrations, explaining that many customers are upset about the increase in charges. Other operators, such as Mrs. Helen Faniran in Ondo, shared that the cost of acquiring cash from local vendors has increased, leading to higher transaction fees. While some POS operators are gradually introducing the new charges, others, like a Lagos-based vendor, have yet to implement them. Consumers have also taken to social media to voice their concerns. One user on X (formerly Twitter), Sam Addai, criticized the levy, calling it an unfair tax on digital transactions. Another user, 6xstem, called it “robbery in broad daylight.” As the EMTL continues to be enforced, the increase in POS charges is causing growing unease among Nigerian consumers, who are questioning the fairness and transparency of this new financial burden.
Polaris Bank, a leading digital retail bank in Nigeria, showcased its digital leadership over the weekend by winning the prestigious “Digital Bank of the Year” award at the Banks and Other Financial Institutions Awards (BAFI Awards) for the fourth consecutive year. The bank’s innovative digital platform, VULTe, was recognized for its excellence in the digital banking ecosystem, particularly for supporting micro, small, and medium enterprises (MSMEs). In addition to this honor, Polaris Bank also secured the title of “Best Bank for MSMEs of the Year” for the third year running, highlighting its competitive lending practices and strong support for small businesses and the real sector. With these recent accolades, Polaris Bank remains the only Nigerian bank to maintain such recognition for an extended period, reflecting its ongoing investment in both human and technological resources. The BAFI Awards Selection and Review Committee noted that Polaris Bank outperformed its competitors in several key areas, including customer acquisition strategies, user engagement, and platform security. Mr. Kayode Lawal, Managing Director/CEO of Polaris Bank, emphasized that the consistent recognition of VULTe underscores the platform’s user-friendly and multifunctional capabilities. He mentioned that the bank has experienced significant growth in digital transactions, with digital lending surpassing N10 billion in just the first eight months of the year, likely exceeding the N12.8 billion total from all of 2023. Lawal highlighted the bank’s focus on enhancing user experience, prioritizing convenience and security through continuous investment in tailored technologies. He expressed gratitude for the award, acknowledging it as a testament to their commitment to the digital banking ecosystem and a responsibility to maintain their technological edge. READ ALSO: FG pledged to put an end to kidnapping, banditry, and terrorism—Tinubu VULTe offers a variety of services, such as QR payments and seamless account opening, enabling customers to perform banking activities without leaving their homes. Additionally, non-customers can access services through the platform, which features API Banking for merchants to integrate VULTe with essential business systems. VULTe aims to provide comprehensive solutions for individual customers, SMEs, and high-net-worth individuals, facilitating quick access to collateral-free loans for both personal and business needs. We love having you back, Kindly subscribe to our Newsletter.
