The Federal Government has began deduction of N50 electronic levy from transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Moniepoint, Opay, Kuda, and others.
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.
Meanwhile, in a notice sent to customers, Opay, Moniepoint explained that the levy was imposed by the Federal Inland Revenue Service (FIRS), stating however that it did not benefit from it.
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024.”
Meanwhile, a one-time of N50 will be applied to electronic transfers of N10,000, and payment made into personal or business account will be in compliance with the Federal Inland Revenue Service (FIRS) regulations.
