Nigerians React to ₦50 Levy on Transfers Over ₦10,000
Nigerians React to ₦50 Levy on Transfers Over ₦10,000
As of September 9, 2024, Nigerians now pay a ₦50 levy on electronic transfers exceeding ₦10,000. This government-mandated fee, part of the Electronic Money Transfer Levy (EMTL) introduced by the Finance Act 2020, has stirred debates across the country.
What’s the ₦50 Levy About?
Simply put, for every qualifying transfer, a flat ₦50 fee is charged. The Federal Inland Revenue Service (FIRS) handles collection, aiming to boost government revenue. In 2022, similar levies raised ₦125 billion. It’s not new, but with fintech platforms gaining traction, its impact feels more significant now.
The Public Outcry
Unsurprisingly, this levy hasn’t sat well with many Nigerians. Social media has been buzzing with complaints, mostly about how this fee adds to financial pressures. For some, the bigger issue is trust—where exactly is this money going?
Fintech Companies Speak Up
Platforms like Moniepoint OPay and PalmPay have informed users about the levy, clarifying it’s a government directive, not their choice. Still, many customers feel let down, as fintech solutions were seen as affordable banking alternatives.
The Bigger Picture
While the levy could help with national revenue, it raises valid concerns about transparency and fairness. Will the government channel this money into meaningful projects, or will it simply feel like another burden for everyday Nigerians?
Want to Know More?
Check out this video:
https://youtu.be/XipFywpNzZU
This debate is far from over. What’s your take—necessary step or financial strain? Share your thoughts.
Smart Ways to Detty December
Enjoy December Without Draining Your Wallet
Hey there! 🎄 The festive season is here again, and we can almost hear that iconic Christmas jingle playing in your head. 😄
December is the perfect time to let loose, relax, and shake off the stress of the year. Maybe you’ve already planned your December groove—parties, trying that new fancy spot, shopping, binge-watching the latest hype-worthy series, heading home to see family, or even prepping for the return of your IJGB crew. If not, you’re probably mulling over a few ideas, even as the cost of living gives you side-eye.
But hey, you can still enjoy the season to the fullest without completely blowing your budget. Imagine this: you’re enjoying quality time with loved ones, feeling good about the vibes, only to find out your payment method isn’t cooperating. Yikes, right? Nobody needs that kind of buzzkill in December.
The good news? You don’t have to compromise on fun or savings.
Here’s How You Can Enjoy December Without Breaking the Bank
With a Moniepoint Verve card, you can indulge in everything the season has to offer—food, shopping, entertainment, and more—while getting rewarded with a 10% discount or cashback on select purchases every Thursday through Sunday.
Here’s the scoop:
- Food: Get discounts on Chowdeck, Sweet Sensation, and The Place.
- Groceries: Save while shopping at Addide stores and Market Square.
- Fuel: Enjoy perks at NNPC stations nationwide.
- Utilities: Save on electricity bills through BuyPower.ng.
These offers run until December 31, 2024, so you’ve got plenty of time to make the most of them.
Staying In? No Problem!
You don’t have to step out to make the season special. Use your Moniepoint Verve card for streaming on platforms like Netflix, Showmax, Spotify, and YouTube. Cook up a storm with new Christmas recipes, jam to your favorite tunes, or stock up on essentials—all while enjoying great discounts.
How to Get Your Moniepoint Verve Card
If you don’t already have one, here’s how to get started:
- Download the Moniepoint personal banking app from the Google Play Store or App Store.
- Open the app, click on ‘Cards’, and follow the simple steps.
- Sit back, and your card will be delivered to your doorstep within 48 hours.
Already have a Moniepoint Verve card? You’re all set to enjoy the festive season! Use it for your online or in-person purchases at any of the listed platforms to snag your discounts and cashback.
Go ahead and enjoy your December the smart way—with good vibes, great deals, and your finances intact.
Happy Holidays! 😊
Why Choose Moniepoint POS
Why Moniepoint POS Stands Out for Nigerian Businesses
In Nigeria’s bustling business landscape, reliable and efficient payment solutions are crucial. Moniepoint POS has emerged as a top choice for merchants and agents across the country. This device addresses common challenges such as delayed transactions, limited access to funds, and technical issues, providing a smoother experience for both businesses and their customers.
With Moniepoint POS, merchants benefit from increased profitability, seamless support, and a platform tailored to their needs. Its widespread adoption underscores its reliability and value for businesses.
https://youtu.be/eHMYSGQo2sk?si=teckjDRUi-Hr4CSy
Ready to take your business to the next level? Get your Moniepoint POS today and enjoy streamlined transactions with superior support! Click here to get started.
7 Smart Financial Habits
7 Smart Financial Habits for Your First Paycheck
Getting your first paycheck—or a significant salary bump—is an exciting milestone. But as thrilling as it is, managing your finances wisely from the start is crucial to building a stable future. Let’s look at seven practical money habits to adopt with your first salary.
1. Track Your Expenses
Start by listing fixed monthly expenses like rent, utilities, and subscriptions. Tools like budgeting apps or even a simple notebook can help you monitor spending and stay in control.
2. Create a Budget
Use the 50-30-20 rule:
- 50% for needs (e.g., rent, groceries).
- 30% for wants (e.g., outings, hobbies).
- 20% for savings.
This balance ensures you spend wisely while setting aside funds for the future.
3. Build an Emergency Fund
Prepare for unexpected expenses by creating a safety net. Aim to save enough to cover six months of living costs. Consider keeping this fund in a high-yield savings account for added growth.
4. Pay Off Debts
If you have any debts, prioritize paying them off. Avoid unnecessary loans, and make repayment part of your financial plan to secure your future.
5. Start Investing
The earlier you invest, the better. Explore options like mutual funds or stocks that align with your risk appetite. Even small investments can grow significantly over time.
6. Use Your Disposable Income Wisely
After covering essentials and savings, enjoy the rest responsibly. Treat yourself, but avoid overspending—balance is key.
7. Plan for Retirement
Start contributing to retirement savings now. Compound interest will help your money grow, and employer-sponsored plans can boost your efforts.
Conclusion
Your first paycheck is more than just a reward—it’s a stepping stone to long-term financial health. By adopting these habits, you’ll build a foundation for stability and success.
Increase Your Moniepoint Account Daily Limit
How to Maximize Your Moniepoint Account Daily Limit
Are you finding it difficult to send or receive more funds because you’ve reached your Moniepoint account’s daily transaction limit? We understand how frustrating that can be.
The good news? You can increase your daily or single transaction limits by upgrading your KYC (Know Your Customer) level.
These limits are in place to protect your finances, but if you need more flexibility for larger transactions, Moniepoint makes it easy to upgrade. Let’s break down the KYC levels, the limits they offer, and how to increase your account’s transaction capacity.
How to Increase Your Transaction Limit on Moniepoint Personal Banking App
To raise your daily or single transaction limits, all you need to do is upgrade your KYC level on the Moniepoint Personal Banking App. There are three KYC levels, each with its own limits and requirements:
Level 1
- Limits:
- Single Credit/Debit Limit: ₦50,000
- Daily Credit/Debit Limit: ₦300,000
- Requirements:
- Nationality
- NIN or BVN
- Face Verification
- Residential Address
- Politically Exposed Person (PEP) Status
- Source of Income
- Attestation
Level 2
- Limits:
- Single Credit/Debit Limit: ₦100,000
- Daily Credit/Debit Limit: ₦500,000
- Requirements:
- BVN or NIN
- Next of Kin Details
Level 3
- Limits:
- Single Credit/Debit Limit: Unlimited
- Daily Credit Limit: Unlimited
- Daily Debit Limit: ₦25,000,000
- Requirements:
- Proof of Address Verification
- Indemnity
How to Increase Your Transaction Limit on Moniepoint Business Banking App
For businesses, Moniepoint offers additional KYC levels designed to help you handle larger transactions. Once you’ve completed the initial levels, you can proceed to the following two advanced levels for even greater flexibility.
Level 4 – Registered Business
- Limits:
- Single Credit/Debit Limit: Unlimited
- Daily Debit Limit: ₦25,000,000
- Requirements:
- Business Registration Type
- Supporting Documents
- Business Name Review
- Attestation
Level 5 – Registered Business Plus
- Limits:
- Single Credit/Debit Limit: Unlimited
- Daily Debit Limit: ₦250,000,000
- Requirements:
- Internal Business Registration Document Review
Why Upgrade Your KYC Level?
Upgrading your KYC level not only increases your transaction limits but also enhances your overall banking experience. It allows for smoother, more flexible transactions—whether you’re managing personal finances or running a business.
Conclusion
Upgrading your KYC level not only increases your transaction limits but also enhances your overall banking experience. It allows for smoother, more flexible transactions—whether you’re managing personal finances or running a business.
Moniepoint Facial ID
Moniepoint Facial ID: Keeping Your Account Secure
Protecting your finances in today’s digital age has never been more important. At Moniepoint, we’ve introduced a simple and powerful way to safeguard your account: Facial ID verification.
With this feature, you can secure your Moniepoint Business and Personal accounts by using your unique facial features as your key. Let’s take a closer look at how to set up Facial ID on your app and why it’s a must-have for your account.
Why Enable Moniepoint Facial ID?
Logging into your bank account with just a glance isn’t just futuristic—it’s practical! Here are the top benefits of using Facial ID verification:
1. Convenience
Tired of memorizing or typing long, complex passwords? With Facial ID, you can access your account seamlessly and carry out financial transactions without any hassle.
2. Enhanced Security
Passwords can be guessed, but your face is unique to you. Facial ID ensures that no one else can access your account, providing a secure layer of protection.
3. Faster Access
Facial ID eliminates the need to type in your login credentials, getting you into your account much faster.
How to Set Up Moniepoint Facial ID
Step 1: Download the Moniepoint App
Head to the Google Play Store or Apple App Store, download the Moniepoint Business or Personal Banking app, and complete the signup process.
Step 2: Log In to Your Account
Open the app and log in using your username and password.
Step 3: Access Your Profile
Once you’re logged in, navigate to your dashboard and click on your profile. From there, head to Settings.
Step 4: Open Login Options
Within the settings menu, find the Login Options section and click on it.
Step 5: Enable Biometrics
In the Login Options section, toggle on Enable Biometrics. When prompted, grant permission for Moniepoint to use Facial ID by clicking OK on the pop-up notification.
Step 6: Start Using Facial ID
Congratulations! Facial ID is now set up on your account. From now on, you can log in with just a glance at your device.
Final Thoughts
At Moniepoint, your security is our priority. By enabling Facial ID verification, you can protect your account while enjoying quick, convenient, and secure access to your finances.
Take control of your financial security today—follow this guide to activate Facial ID and experience stress-free banking with Moniepoint.