Experts in the financial industry are worried that the implementation of multiple charges on financial transactions could reverse the gains the country has recorded in its financial inclusion drives.
From Electronic Money Transfer Levy (EMTL) on digital transfers to ATM withdrawal charges, Nigerians now have to pay more whether they are transferring money electronically or withdrawing cash, a development expert worries could reduce bank account usage and discourage financially excluded from opening a bank account.
Already, some merchants who had keyed into the digital payment system are now opting out, choosing rather to accept cash for payments to avoid charges.