On transactions of N10,000 and more made using financial technology platforms including platforms including Moniepoint and Opay, the Federal Government has started to impose the N50 Electronic Money Transfer Levy.
Introduced under the Finance Act 2020, the Electronic Money Transfer Levy imposes a one-time, one-off fee of N50 on the recipient of any electronic receipt or transfer of N10,000 or more. It was previously reported that the levy would go into effect on September 9 2024.
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1, 2024,” Opay sent in a message to its subscribers.
In a similar vein, Moniepoint informed its users that “Dear Customer, on inflows of N10,000 and above, you will be charged stamp duty of N50.” This is gathered and sent by Moniepoint on behalf of the FIRS.
The fee must be deducted and remitted by financial institutions and Fintech operators in accordance with Federal Inland Revenue Service legislation, which the EMTL complies with.
Although the goal of the program is to increase government revenue, there have been conflicting responses to its implementation, with many Nigerians raising worries about how it may affect the cost of financial transactions.
Related Content
Dr. Ngozi Okonjo-Iweala Reappointed as WTO Director-General for a Second Term in 2024
Instagram Feed
Tap To Learn More!
