- Fintech companies like Opay and Moniepoint to deduct N50 EMTL on transfers of N10,000+ from September 9, 2024
- The levy, mandated by FIRS, will not benefit the companies but will be remitted to the Federal Government
The Federal Government has announced a new levy of N50 for every electronic money transfer of N10,000 and above received by customers of Fintech companies such as Opay, Moniepoint, and others.
According to a notice issued to its customers on Saturday, the new charges, in compliance with Federal Inland Revenue Service (FIRS) regulations, will take effect from September 9, 2024.
“Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations,” the notice read.
The notice clarified that the levy is a government requirement under President Bola Tinubu’s administration and is not a source of revenue for the payment platforms.
“It is important to note that Opay does not benefit from these charges in any way, as it is directed entirely to the Federal Government,” the statement added.
Similarly, Moniepoint notified its customers on Saturday: “A N50 fee will be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024. Your BRM is available to answer questions you might have.”
The levy aims to generate additional revenue for the government while complying with the FIRS regulations.