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FG Introduces Levy On Digital Transactions Above N10,000

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2 years ago

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The federal government has announced a N50 Electronic Money Transfer Levy (EMTL) on every transaction of N10,000 and above for customers of Fintech companies, such as Opay, Moniepoint, and others.

In a notification sent to its users on Saturday, the online payment platform indicated that this fee, in accordance with Federal Inland Revenue Service (FIRS) regulations, will be implemented starting 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 federal government government and not a source of revenue for the payment platform.

“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.

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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.

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