The National Association of Nigerian Students (NANS) has asked the Federal Government to reconsider its decision to impose a N50 charge on every electronic transfer of N10,000 or more through fintech platforms. This new policy is scheduled to begin on September 9, 2024, and it will now apply to fintech services like OPay and Moniepoint, which were previously exempt from this levy.

The N50 charge was originally only for commercial bank transfers, but now fintech users will also have to pay it. The levy will be collected by the Federal Inland Revenue Service (FIRS) and will go directly to the Federal Government, not the fintech companies themselves.

Oladimeji Uthman, the Senate Clerk of NANS, expressed his strong opposition to the policy. According to Uthman, it will create more financial difficulties for students and ordinary Nigerians. He called on the government to explore other ways to generate revenue, such as by investing in agriculture, education, infrastructure, and job creation, rather than placing more burdens on citizens.

This charge will affect over 40 million Nigerian students who regularly use fintech services for their daily expenses and education needs. Many students depend on digital financial transfers to pay for school fees, textbooks, accommodation, and other necessities. The introduction of this charge could reduce the amount of money students have for these essential expenses.

Fintech platforms are popular because they offer affordable, efficient services that make banking easier for students. However, this new N50 charge could discourage students from using these services, forcing them to rely on less secure, cash-based transactions. NANS believes that the levy will add extra financial strain, especially during important transactions related to education.

The association warned that this policy could slow down financial access for students and raise costs in the education sector. NANS plans to advocate strongly against the levy and will use its influence to encourage the government to reconsider.

NANS also urged the Federal Government and FIRS, under the leadership of Zaccheus Adedeji, to rethink this policy because of its potential impact on students and the broader economy. They stressed the need for policies that support the financial well-being of Nigerian students and called for collaboration with fintech companies to find alternative solutions that do not unfairly affect students.

The association is committed to protecting the interests of Nigerian students and will continue to push for a more supportive educational environment in Nigeria.