In a surprise move, fintech companies such as Moniepoint and others have announced that they will begin deducting N50 from every inflow of N10,000 and above received by their customers starting from September 9. This deduction is in accordance with the Federal Inland Revenue Service (FIRS) directive, which introduces the Electronic Money Transfer Levy (EMTL).
The EMTL is a mandatory levy that will be charged on every electronic receipt of N10,000 and above, marking the end of free banking services provided by some fintech companies. The levy aims to generate revenue for the federal government.
*DETAILS OF THE LEVY*
– N50 per transaction for every inflow of N10,000 and above
– Deducted from the recipient’s account, not the sender’s
– Applicable to all electronic receipts, including bank transfers, mobile money transactions, and online payments
*IMPACT ON CUSTOMERS*
– Reduction in account balances due to the levy
– Potential impact on businesses that rely on electronic transactions
*FINTech COMPANIES’ RESPONSE*
– Moniepoint has notified its customers of the impending deduction
– Other fintech companies expected to follow suit
Stay tuned for further updates as this story develop