News

FG imposes N50 levy on transactions above N10,000 on fintech companies

Published

4 months ago

September 8, 2024

The federal government has introduced a N50 Electronic Money Transfer Levy (EMTL) on every inflow of N10,000 or more received by customers of Fintech companies such as Opay, Moniepoint, and others..

In a notice to its customers on Saturday, September 7, the online payment platform stated that the charges in line with the 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 transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.

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 notice reads.

Similarly, Moniepoint, in a terse notification to its customers on Saturday, said: “A N50 fee would 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.”