Starting September 9, 2024, leading fintech platforms such as OPay, Moniepoint, and others will begin deducting a N50 Electronic Money Transfer Levy (EMTL) on all inflows of N10,000 and above, following a directive from the Federal Inland Revenue Service (FIRS).
This development signals the end of certain free banking services offered by these companies, though it is important to note that the levy will be directed entirely to the federal government. OPay, in a statement to its customers, emphasized that the charge will be applied to both personal and business accounts, clarifying that the company does not retain any portion of the fee.
The EMTL deduction will affect all electronic transfers that meet the N10,000 threshold, aligning fintech operators with existing regulations governing financial transactions in Nigeria.
This move reflects compliance with the FIRS’s regulations and further integrates fintech services into the broader financial regulatory framework. Fintech companies have communicated that they will act solely as intermediaries in collecting this levy, passing the full amount to the government, without any financial gain for their platforms.
With this change, users of fintech services should anticipate the N50 charge per qualifying transaction, marking a shift in the cost structure of digital financial transactions across Nigeria.
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