Effective from Monday, September 9, 2024, Fintech companies have been directed by the federal government to charge N50 Electronic Money Transfer Levy (EMTL) on transactions exceeding N10,000.
The platforms which include Opay, Moniepoint and others have been embraced by Nigerians over commercial banks for the ease of transactions and free services, accompanied with incentives for private users on their platforms.
OPay, in a notice to its customers on Saturday, announced that the charge was in line with the regulations of the Federal Inland Revenue Service (FIRS), adding that the implementation takes effect from Monday, 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,” the notice read.
The company clarified that the charges are requirements from the federal government and not a source of revenue for the company.
“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,” it added.
In the same vein, Moniepoint announced to its customers on Saturday that, “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024.”
