In compliance with the Federal Inland Revenue Service (FIRS) regulations, leading fintech companies; Opay and Moniepoint have commenced the implementation of a N50 fee on electronic money transfers exceeding N10,000 from today, September 9.
Thefrontrank reports that the new charge applies to both personal and business accounts.
Opay and Moniepoint, two of Nigeria’s prominent fintech companies, had on Saturday communicated the change to their customers through a message titled “FGN Electronic Money Transfer levy.”
The message read: “Please be informed that starting September 9th, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service (FIRS) regulations.
“It is important to note that OPay does not benefit from this charge in any way as it is directed entirely to the Federal Government.”
The N50 fee is a one-time charge that will be applied to each eligible transfer in line with the government’s directive.
This development follows the enforcement of the Electronic Money Transfer Levy (EMTL), a tax introduced by the federal government under the Finance Act, 2020.
The EMTL mandates a fixed levy of N50 on electronic receipts or transfers of funds, facilitating the collection of revenue to support the country’s fiscal needs.
The tax is levied on transactions processed through any money transfer or payment system and applies to amounts of N10,000 or more.
The levy is part of broader efforts by the government to diversify its revenue sources amid growing need to finance public services and infrastructure projects.
