In compliance with Federal Inland Revenue Service (FIRS) regulations, leading fintech companies Opay and Moniepoint have announced a new N50 fee for electronic money transfers exceeding N10,000.
This charge, which will apply to both personal and business accounts, is set to take effect on September 9.
Opay and Moniepoint informed their customers of this change through a notice titled “FGN Electronic Money Transfer Levy,” which began circulating on Saturday.
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“Please be informed that starting September 9th, 2024, a one-time fee 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 to the Federal Government,” it said.
The N50 fee is a one-time charge applied to each eligible transfer, in accordance with the government’s directive.
This measure follows the introduction of the Electronic Money Transfer Levy (EMTL) under the Finance Act 2020.
The EMTL imposes a fixed N50 levy on electronic receipts or transfers of N10,000 or more, aimed at generating revenue to support the country’s fiscal requirements.
This tax applies to transactions processed through any money transfer or payment system.
The levy is part of the government’s broader strategy to diversify its revenue sources to better fund public services and infrastructure projects.
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Recently, Nigerians and business owners have increasingly embraced neobanks for their reliability and efficiency.
These platforms are popular for their lower-than-average transaction decline rates and their capability to instantly reverse transactions in case of payment failures.
A major draw has been their low transaction fees, which have offered significant relief, especially during the recent cash crunch.
Many businesses have opened accounts with these fintech companies, relying on prompt transaction alerts that are crucial for maintaining cash flow and ensuring smooth operations in a challenging economic climate.
Additionally, Moniepoint was recently recognized by the Financial Times as Africa’s fastest-growing fintech company.
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