By Abiola Olawale
Popular online financial institutions, OPay and Moniepoint, among others, have begun charging N50 electronic Levy on transactions above N10,000.
Last week, Opay sent notifications to customers on the commencement of the electronic levy for transactions above N10,000.
Opay, in the notification, said the development is in line with the recent directive of the Federal Inland Revenue Service (FIRS).
“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.
Also, 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.
The notice reads in part: “Dear customer, you will be charged stamp duty of N%) on inflows of N10,000 and above. Moniepoint collects and remits this on behalf of and to FIRS.”
The New Diplomat reports that as of press time, the directive is already in use as several customers of Opay, Moniepoint, and other FinTech banks have confirmed the N50 deductions on electronic transactions.
