In response to the newly introduced N50 Electronic Money Transfer Levy (EMTL) by the government, Point of Sale (POS) operators in Nigeria are increasing their withdrawal and deposit fees. The EMTL charge applies to transactions above N10,000 made through fintech accounts, and companies like Opay have already started implementing this charge.
As a result, POS operators are passing on the additional cost to their customers by hiking their fees. This move has sparked concerns and frustration among users, who are already dealing with high charges and fees for financial transactions in the country.
The increase in fees is expected to affect millions of Nigerians who rely on POS operators and fintech services for their daily financial transactions. The government’s introduction of the EMTL charge aims to generate revenue, but it may ultimately burden consumers with higher costs.
