The landscape of electronic transactions in Nigeria has undergone significant changes, marked by the introduction of various fees and levies that impact both senders and receivers. These adjustments, while aimed at addressing specific concerns and generating revenue, have sparked debates and raised concerns among the public. Let's delve into the issues surrounding each aspect:

Cybersecurity Levy: The imposition of a cybersecurity levy on senders of electronic transactions has drawn widespread attention. While the objective of enhancing cybersecurity is paramount in today's digital age, the burden of this levy falls directly on individuals and businesses engaging in electronic transactions. The scale of the levy, ranging from ₦5 on ₦1,000 transactions to ₦50,000 on ₦10,000,000 transactions, has led to discussions about its fairness and potential impact on financial activities.

Stamp Duty: Another fee affecting electronic transactions is the stamp duty, which is borne by receivers. This levy, set at ₦50 across different transaction amounts, adds to the overall cost of transactions for individuals and businesses receiving payments electronically. Critics argue that this additional charge further strains the finances of receivers and may discourage the use of electronic payment methods.

Transfer Fees: Senders also face transfer fees based on the transaction amount, ranging from ₦10 for transactions up to ₦5,000 to ₦50 for transactions exceeding ₦50,000. These fees, while seemingly modest, can accumulate and become a significant expense for frequent users of electronic payment services, particularly those conducting high-value transactions.

Value Added Tax (VAT): The imposition of VAT on transfer fees places an additional financial burden on senders. The varying VAT rates, depending on the transfer fee amount, further contribute to the complexity of electronic transactions and may lead to confusion among users.

SMS Fee: Both senders and receivers bear the cost of SMS notifications for electronic transactions, with a standard fee of ₦4 per notification. While notifications serve as a form of transaction confirmation and security measure, the associated fee adds to the overall transaction cost for users.

These issues collectively highlight the growing financial burden associated with electronic transactions in Nigeria. While some fees and levies aim to address specific challenges such as cybersecurity threats and revenue generation, their implementation has raised concerns about affordability, transparency, and the overall accessibility of electronic payment services. As the digital economy continues to evolve, policymakers must consider the broader implications of these fees and work towards striking a balance between financial sustainability, security, and user affordability in electronic transactions. Additionally, efforts to enhance public awareness and transparency regarding the rationale and utilization of these fees are essential to fostering trust and confidence in Nigeria's electronic payment ecosystem.