UPDATED: FG imposes levy on transactions above N10,000 on Opay, Moniepoint, others

The federal government has imposed a deduction of N50 Electronic Money Transfer Levy (EMTL) from every inflow of N10,000 and above received by customers of Fintech companies, including Opay, Moniepoint, and others. In a notice to its customers on Saturday, the online payment platform stated that the charges in line with the Federal Inland Revenue […]

The federal government has imposed a deduction of N50 Electronic Money Transfer Levy (EMTL) from every inflow of N10,000 and above received by customers of Fintech companies, including Opay, Moniepoint, and others.

In a notice to its customers on Saturday, 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,” the notice read.

The company clarified that the charges are requirements from the President Bola Tinubu-led government and not a source of revenue for the payment platform.

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“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.

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.”