A Nigerian man has sparked widespread conversation online after revealing how he cleverly navigated a new financial regulation to avoid paying extra bank charges on his first transaction of the year 2026.
The Viral Transaction That Dodged the Levy
An OPay user identified as Nwachukwu took to Facebook to showcase his first money transfer of 2026. In a move he described as smart, he sent the sum of N9,999 to another person. This specific amount was a deliberate strategy to circumvent a new charge introduced as part of updated tax laws effective from January 1, 2026.
The new policy mandates that banks and fintech platforms charge a N50 stamp duty on electronic transactions of N10,000 and above. By keeping his transfer one naira below this threshold, Nwachukwu successfully avoided the levy.
"Government Wants to Reap Where They Did Not Sow"
Accompanying the transaction screenshot was a fiery caption where Nwachukwu blasted the Nigerian government. He expressed his unwillingness to let the authorities benefit where they had not contributed, using the popular phrase "reap where they did not sow."
In his post, he also made a claim, stating: "You go collect 50 naira from the sender still go collect 50 naira again from the receiver on top 10k." This assertion, however, appears to be a misunderstanding of the policy, which typically applies a single charge to the sender for qualifying transactions, not both parties.
Mixed Reactions Flood Social Media
The man's post quickly generated a buzz, with Nigerians sharing divided opinions on the new law and his method of avoidance.
Blessed Ochendo commented on the state of the nation, saying, "This country is no longer funny at all." Another user, Wisdom Onodugo Chidi, did the math, highlighting the potential revenue: "if dem collect this 50 from just 1million people everyday, they will be making close to 20billion Naira every year."
While some saw it as a justified act of protest, others pointed out that the tactic was already common knowledge. Etz Steve Nnabuike remarked, "So na today you learn this pattern something wee I done Dey use since last year." User Onyinyechi Blessing also shared her method: "Na there method since last year but for me I no dey send 10k once ooo."
Broader Context of Bank Charges in Nigeria
This incident highlights a long-standing grievance among Nigerian bank customers concerning multiple transaction fees. Financial reports have shown that banks earn billions annually from various charges, including:
- Value Added Tax (VAT)
- ATM transfer fees
- USSD charges
- Card maintenance fees
- Stamp duty
The new electronic transfer levy, effective from the start of 2026, has simply added another layer to this existing framework, prompting citizens to find creative, and sometimes contentious, ways to manage their finances.
