The Federal Government of Nigeria has introduced a new levy on electronic money transfers, effective September 9, 2024.
The Electronic Money Transfer Levy (EMTL) requires Fintech companies, such as Opay and Moniepoint, to deduct N50 from every inflow of N10,000 and above received by their customers.
According to Daily Trust, this measure is in line with regulations set by the Federal Inland Revenue Service (FIRS).
The affected companies have notified their customers about the upcoming change, clarifying that the charges are mandated by the government and do not generate revenue for the payment platforms.
The levy applies to both personal and business accounts, and customers are advised to reach out to their respective service providers for further information.
