Federal Government has commenced with N50 electronic levy deductions from transactions of N10,000 and above made by users of financial technology (Fintech) companies, which includes Moniepoint, Kuda, Opay and others.
The Electronic Money Transfer Levy (EMTL) as stated under Finance Act 2020, requires a one-off levy of N50 on any transactions of N10,000 and above made by the recipient.
Earlier in September, Opay announced to its customers that the levy was placed by the federal government. They further stated that they do not benefit from the levy collected.
Opay announced, “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.”