The federal government has commenced N50 electronic levy deductions from transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Opay, Moniepoint, Kuda, and others......Read The Full Article>>.....Read The Full Article>>
The levy, called Electronic Money Transfer Levy (EMTL), introduced under the Finance Act 2020, places a singular and one-off levy of N50 on the recipient of any electronic receipt or transfer of N10,000 or above.
The introduction of the EMTL was, however, met with opposition from Nigerians, with various groups including the National Association of Nigerian Students (NANS) calling on the federal government to reverse its position on the implementation of the levy.
Meanwhile, in a notice sent to customers earlier in September, Opay explained that the levy was imposed by the Federal Inland Revenue Service (FIRS), stating however that it did not benefit from it.
“Please be informed that starting September 9, 2024, a one-time of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service (FIRS) regulations.
“It is important to note that Opay does not benefit from this charge in any way as it is directed entirely by the federal government,” Opay explained in its earlier notice.
In a recent development, the fintech companies have again notified their customers that the implementation of the N50 EMTL deduction has commenced from December 1, 2024.
Opay, in a message sent to its users on Saturday (also shared via its app), explained that the electronic levy deduction begins on December 1.
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” the message reads.
Likewise, Moniepoint in a notice sent to its customers on Saturday, explained that it has commenced implementation of the EMTL charges, clarifying however that the levy will be remitted to the FIRS.
“Dear customer, you will be charged stamp duty of N%) on inflows of N10,000 and above. Moniepoint collects and remits this on behalf and to FIRS,” Moniepoint says.
Meanwhile, our correspondent also gathered that the EMTL implementation has officially taken effect with Fintechs already deducting N50 for the federal government on transactions of N10,000 and above.
