Operators of Point of Sale (POS) have criticised the implementation of the Electronic Money Transfer Levy (EMTL) on their transactions, saying it has affected their profit margin from the current transaction charges from customers.

Daily Trust reports that the implementation became effective on Monday, imposing N50 on transfers from N10,000 on fintech account holders as obtained with Deposit Money Banks (DMBs).

Daily Trust learnt that POS attendants charge N100 on transactions less than N5,000 and N200 on N10,000, but with the newly introduced levy, they might need to review their charges.

A POS attendant, Kingsley Aziha, who uses Palmpay, expressed displeasure, saying charges being deducted had affected his profit margin, blaming it on the newly introduced EMTL for fintechs.
He implored the government to reduce the tariff that had been imposed, mulling to increase his charges.

He said, “We collect N100 on every transaction and cannot tell customers to pay N120 or N150.”

Awele Okafor, who uses both Moniepoint and Firstmonie, said, “For Moniepoint, they have increased their tariff, but for Firstmonie wallet, I just got it, I do not know if they will still increase later on.

Actually, they had been doing it before at the rate of N20, but I now found out that it is not cheaper when someone transfers to me.”

She pleaded with the government to reduce the tariff.

However, Ebenezer Adeyi who uses Opay,said, “I like their programme; they do not deduct money anyhow on Opay. I don’t know about other service providers, I only use Opay.”

Chairman of the National Association of Small and Medium Enterprises (NASME), Prof. Adebayo Adams in a chat with Daily Trust said the small businesses cannot survive the newly introduced levy.

“The small business cannot survive on it. That is the only thing the masses are enjoying . It is like putting salt on the injury of the masses. We condemn it in totality and we are not in support of that.”

According to him, the small businesses are highly affected by the introduction of EMTL on Fintechs. The policy is not masses-friendly. If you charge me when I transfer, why are you charging the person receiving it?

Source: https://dailytrust.com/pos-operators-lament-electronic-levy-may-hike-charges

Expected. Pass the burden to the final consumer or close your business.

Nigeria should start thinking about pulling out their monies from the bank and doing business cash-only.

20 years ago, these greedy buffoons were always lamenting that 85% of Nigeria are unbanked, as they do not have bank accounts, never knew they were only lamenting so that they can get their hands on people's money.

Fast forward to today, they are frustrating bank account owners with all manners of levies, fees and charges....enriching themselves only....Criminals.

Pull your funds out and stop feeding their greed..

Na wa !





And ATMs aren't dependable.

If youths come out to protest now they will say they want to distabilize their government.

Very wicked government, they can not create Job for their citizens but they will like to destroy and frustrate those that are struggling to survive with small business.

100 on 5k...

200 on 10k..

300 on 15k...

400 on 20k..

If FG collect 50 on 10k and above you still no go gain at all?

As a POS operator which tax do you pay directly to the government?

Work on having many high profile clients or having a lot of low profile clientele.

W

Normal

Just taxing every one despite the mess on ground.
No good road, electricity and water.
So, what is the justification of a this charges FB?

Just taxing every one despite the mess on ground.
No good road, electricity and water.
So, what is the justification of a this charges FG?

jmoore:
Expected. Pass the burden to the final consumer or close your business.

I don't know why some of you don't do research before make comments, Nigerians are greedy, these POS companies charge them flat rate as low as N20, some N10 for every transaction, even if government decided to add N50 now, it is still N70 or N60, they still gain N130 or N20 for transaction of N10,000.. I blame government in all this, how can they allow this for a long time... No country allow everything to free like Nigeria

God have mercy

I think palmpay has started deducting 50n on every TF ...


I might soon port to opay nw

Hmmmm


Please what is really going on in this country??

Is APC really mad?

Smallieee:
God have mercy

Mercy on what? These guy are charged between N10 and N20 for the transaction of N10,000 and above, if government decided to add N50, they still gain N130... We are the problem don't bring God, we are wicked and evil... So the gain or profit of N130 is not enough... Government should ban that nonsense if they add a dine...

It is well

Everybody dey collect from Emilokan hand

AntiChristian:


100 on 5k...

200 on 10k..

300 on 15k...

400 on 20k..

If FG collect 50 on 10k and above you still no go gain at all?

As a POS operator which tax do you pay directly to the government?

The POS Mobile Money Operator will also deduct their fees how much is left for the POS owner.

The POS Owner will pay for space, pay the staff managing the business cos u don't expect a family Man to manage a POS business himself.

The owner will also run around everyday under risk to source for cash in running the business.

IamANigerianMan:

Mercy on what? These guy are charged between N10 and N20 for the transaction of N10,000 and above, if government decided to add N50, they still gain N130... We are the problem don't bring God, we are wicked and evil... So the gain or profit of N130 is not enough... Government should ban that nonsense if they add a dine...

you are not making any sense.
You don’t own a pos stand so you can’t understand the business so shut up

AntiChristian:


100 on 5k...

200 on 10k..

300 on 15k...

400 on 20k..

If FG collect 50 on 10k and above you still no go gain at all?

As a POS operator which tax do you pay directly to the government?

It's 150 on 5k, sometimes it's even 200 on 5k.

Any means to increase that amount, I will just stop using POS, it's better to go to bank, and withdraw and do your transactions

Inosky:


It's 150 on 5k, sometimes it's even 200 on 5k.

Any means to increase that amount, I will just stop using POS, it's better to go to bank, and withdraw and do your transactions

Bank won't release your desired amount for u.
They will dictate what u can get to u.

Hunger go finish Nigerians soon. Election have consequences una no go hear. Enjoy. Tinubu until 5050

These days I go to the ATM, I had gotten so lazy and this translated to being reckless with cash knowing I could easily access a POS agent.

AntiChristian:


100 on 5k...

200 on 10k..

300 on 15k...

400 on 20k..

If FG collect 50 on 10k and above you still no go gain at all?

As a POS operator which tax do you pay directly to the government?

You're not being considerate. You're not significantly different from Tinubu. All the agbado munchers have one thing in common. They are always callous and heartless.

DeeScan:
I think palmpay has started deducting 50n on every TF ...


I might soon port to opay nw

Lies.... 50 is on top tf of 10k above...

I won't blame them, even if they add 300 to 5000, I will still patronize, okada to go AtM machine for my own side don increase from 300 roundtrip to 1000 after in which you will face either long queue from those close to the ATM location and possibly ATM fit no dispense cash, if ATM machine com swallow ATM card on top join, be ready to spend 5k romancing bank... We are in Tinubulation , Hell fire no fit worst pass this one

IamANigerianMan:

I don't know why some of you don't do research before make comments, Nigerians are greedy, these POS companies charge them flat rate as low as N20, some N10 for every transaction, even if government decided to add N50 now, it is still N70 or N60, they still gain N130 or N20 for transaction of N10,000.. I blame government in all this, how can they allow this for a long time... No country allow everything to free like Nigeria

Are you listening to yourself? So a grown person earning according to you N80 after N20 bank charges on a transaction of 10k should be contented with 20 - N30 instead?
Pos which is the only succor for thousand of unemployed Nigerians to have something doing in this challenging times. How much is 20 naira with the current inflation. How many transactions will the Pos operator make to gain 1k? 50 transactions? Oga you wicked ohh.
Nothing apc and it's misfits wount destroy, opay etc the bank of the common man, they have slapped charges, pos operators, the only means of survival for thousands they threaten by those charges, yet you call it free.

valuedammy:


Bank won't release your desired amount for u.
They will dictate what u can get to u.

Some Banks are improving, 20k now. If you know your way, they might give you 50k or 100k.

Capernum:


You're not being considerate. You're not significantly different from Tinubu. All the agbado munchers have one thing in common. They are always callous and heartless.

You still didn't answer the question asked! Can you see the reason some fail exams and have carry overs?

[quote author=jmoore post=131962095]Expected. Pass the burden to the final consumer or close your business.[/quot

exactly