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.
In a notice to customers on Sunday, December 1, 2024, Moniepoint, said the move is in line with Federal Inland Revenue Service (FIRS) regulations, noting that the fee will be applied to electronic transfers into personal and business accounts.
The levy, called Electronic Money Transfer Levy (EMTL), was earlier announced to take effect from September 9.
This has triggered a fresh outcry from the customers.
Though, contrary to the position of many customers, the ETML is not new to the country’s financial landscape.
The traditional banks have been charging their customers for this, but not the fintechs.
Moreover, Opay in a statement noted that the deduction commenced the same day.
“Dear Customer, in line with the FIRS, the EMTL applies starting December 1st, 2024
“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.
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Similarly, Moniepoint informed its customers of the commencement of the deduction of the levy.
“Please, be informed that in compliance with the Federal Government Stamp Duty Act, you would be charged an Electronic Money Transfer Levy (EMTL) of N50 by the Federal Inland Revenue Services (FIRS) on any electronic inflow of N10,000 and above.
“FIRS charges you N50 for inflow received in your Moniepoint personal bank account, Moniepoint does not benefit from this but only receives and remits this sum to FIRS” the Fintech notice said.
President Bola Tinubu’s administration is poised to rake in over N10 billion from the ETML.
According to the Nigeria Inter-Bank Settlement System (NIBSS), there are currently over 219.6 million active bank accounts in the country as at March 2024.
Data from NIBBS showed that the government has generated the sum of N103.7 billion from ETML in the first half of 2024
