Opay, Moniepoint, others commence ₦50 electronic levy deductions for FIRS
Story by Victor Itodo ABUH
The Federal Government has started the deduction of an ₦50 electronic levy on transactions of ₦10,000 and above conducted through financial technology (Fintech) platforms like Opay, Moniepoint, and Kuda.
The Electronic Money Transfer Levy (EMTL), introduced under the Finance Act 2020, applies as a one-off charge for recipients of electronic transfers.
Although initially announced to take effect on September 9, 2024, implementation began officially on December 1, 2024.
The levy has sparked widespread criticism among Nigerians, with groups such as the National Association of Nigerian Students (NANS) urging the government to reconsider its decision.
Read also: CBN stops Moniepoint, Opay, Kuda from registering new accounts
In a prior notice to its users, Opay clarified the nature of the levy, attributing its imposition to 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 stated.
As of December 1, 2024, Fintech companies have formally begun deducting the levy. Opay issued a notification to its users reiterating the compliance with FIRS regulations.
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” Opay informed users in a message shared through its app.
Similarly, Moniepoint communicated the commencement of EMTL deductions to its customers.
“Dear customer, you will be charged a stamp duty of N50 on inflows of N10,000 and above. Moniepoint collects and remits this on behalf and to FIRS,” the company stated.
According to findings, Fintech companies have already started deducting the levy, with the funds being remitted to the Federal Government via FIRS channels.
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