Nigerians on social media are lamenting the new levy, which they complain has added to the multiple levies paid for electronic transactions.

There are now a total of five transaction levies paid and the amount deducted on transactions between N1,000 and N1,000,000.


1. Cybersecurity levy

N5 is charged on the transaction of N1,000

N50 is charged on the transaction of N10,000

N500 is charged on the transaction of N100,000

N5,000 is charged on the transaction of N1,000,000

N50,000 is charged on the transaction of N10,000,000


2. Transfer fee

N10 is being charged on the transaction below N5,000

N25 is being charged on the transaction between 5,001 and N50,000

N50 is being charged on transactions above N50,000

3. Stamp duties

N50 is being charged on transactions between N10,000 and N10,000,000

4. Short Messaging Service (SMS)

N4 is being charged on each electronic transfer notification

NB: This is only applicable to customers on eligible electronic transactions. Those who opt for e-mailing services are not charged the same.

5. Value Added Tax

N0.75 is being charged on N10 transfer fee

N1.875 is being charged on the N25 transfer fee

N3.75 is being charged on N50 transfer fee.

SOURCE: https://punchng.com/five-levies-nigerians-pay-for-electronic-transactions/

Cc

Nlfpmod seun Myndd44