By Ayo Kehinde
Edun, Minister of Finance
The Federal Government has commenced the implementation of the N50 Electronic Money Transfer Levy on transactions of N10,000 and above conducted through financial technology platforms, including Moniepoint and Opay.
The levy, introduced under the Finance Act 2020, mandates a one-time charge of N50 on recipients of electronic payments or transfers of N10,000 and above.
Initially slated to take effect on September 9, 2024, the policy was delayed following public outrage. However, Fintech companies have now announced the enforcement of the levy, which began on December 1, 2024.
In a message to its users, Opay stated, “Dear Customer, in line with the FIRS, the EMTL applies starting from December 1, 2024.”
Similarly, Moniepoint notified its users, “Dear Customer, you will be charged stamp duty of N50 on inflows of N10,000 and above. Moniepoint collects and remits this on behalf of the FIRS.”
The EMTL aligns with the Federal Inland Revenue Service regulations, which require financial institutions and Fintech operators to deduct and remit the levy.
The policy aims to bolster government revenue, but its implementation has sparked mixed reactions, with many Nigerians expressing concerns about its impact on the cost of financial transactions.
Stakeholders are urging the government to clarify the framework and address public apprehension to ensure smooth compliance.
Meanwhile, Fintech operators have assured users of transparency in the collection and remittance of the levy to the FIRS.
