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

Starting September 9, 2024, the Federal Government of Nigeria will impose a N50 levy on electronic money transfers of N10,000 and above received by customers of fintech companies like Opay, Moniepoint, and others. This new charge, known as the Electronic Money Transfer Levy (EMTL), will be deducted from each qualifying transaction, as mandated by the Federal Inland Revenue Service (FIRS).

The fintech companies recently informed their customers about the impending levy through official notifications. Opay, in a notice released on Saturday, emphasized that the N50 fee is in full compliance with federal regulations. “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations,” the statement read.

Opay clarified that the company does not benefit from this levy, as the charge is entirely directed to the Federal Government. “It is important to note that OPay does not benefit from these charges in any way as it is directed entirely to the Federal Government,” the company added.

Similarly, Moniepoint issued a brief notification to its users, stating, “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024. Your BRM [Business Relationship Manager] is available to answer questions you might have.”

This levy has been introduced under the administration of President Bola Tinubu as part of efforts to enhance government revenue collection. The new regulation will affect millions of Nigerians who use digital payment platforms for personal and business transactions.

Customers are encouraged to be aware of these charges and to reach out to their respective payment platforms for any inquiries or clarification. The implementation of this levy underscores the government’s intent to regulate and generate revenue from the rapidly growing fintech sector in Nigeria.