FG Imposes N50 Levy on Transactions Above N10,000 via Opay, Moniepoint and Other Fintech Platforms

 The Federal Government has implemented a N50 levy on electronic money transfers (EMTL) of N10,000 and above, targeting customers of fintech platforms like Opay and Moniepoint.

The levy, mandated by the Federal Inland Revenue Service (FIRS), will take effect on September 9, 2024, according to notifications sent by fintech companies to their users.

In a statement, Opay explained, “Starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfers of N10,000 and above paid into your personal or business account, in compliance with the FIRS regulations.”

The company further clarified that the deduction serves as a government mandate, emphasizing that

“Opay does not benefit from these charges in any way as it is directed entirely to the Federal Government.”

Moniepoint also issued a similar notice to its customers, confirming the levy.

The fintech platform stated, “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024,” urging users to direct any queries to their business relationship managers (BRM).

The levy is expected to enhance government revenue while streamlining electronic transactions across fintech platforms.

This move is part of the government’s efforts to increase revenue generation and regulate the fintech industry.

The levy will apply to all electronic transfers, including those made through mobile apps, online platforms, and point-of-sale terminals.

Customers are advised to factor in the additional charge when making transactions to avoid any inconvenience.

The government has assured that the revenue generated from the levy will be used to fund public services and infrastructure development.