The Federal government has announced the implementation of a N50 Electronic Money Transfer Levy (EMTL) on transactions above N10,000 for customers of Fintech companies, including Opay, Moniepoint, and others.
This levy will be deducted from every inflow of N10,000 and above received by customers of these platforms.
In a notice sent to customers on Saturday, the online payment platform explained that the charges are in line with the Federal Inland Revenue Service (FIRS) regulations and will take effect from September 9, 2024.
The notice reads:
“Dear valued customers, please be informed that starting September 9, 2024, a onetime fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.”
This means that customers will be charged N50 for every transaction above N10,000, which will be deducted from the received amount.
The levy aims to generate revenue for the government and regulate electronic transactions in the Fintech sector.”
