According to the FinTech banks, the levy collection is in line with the Federal Inland Revenue Service’s recent directives.
The Nigerian government has said its deduction of N50 electronic levy from transactions made by users of Opay, Moniepoint, and other financial technology companies has commenced.
This is coming at a time Nigerians are passing through serious hardship and suffering.
Confirming the news, Opay and Moniepoint during the weekend sent notifications to customers on the commencement of the electronic levy for transactions above N10,000.
According to the FinTech banks, the levy collection is in line with the Federal Inland Revenue Service’s recent directives.
Opay explained that the electronic levy deduction begins on December 1.
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” the message reads.
In a similar manner, 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.
“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,” Moniepoint says.
Recall that on September 8, 2024, Opay, Moniepoint, and other FinTech banks had notified customers of their plans to commence N50 deductions on electronic transactions.