The Federal Government of Nigeria has announced a new policy that mandates a N50 deduction for every electronic money transfer (EMTL) of N10,000 and above.
This move, which is in compliance with the Federal Inland Revenue Service (FIRS) regulations, will affect customers using fintech platforms such as Opay and Moniepoint. The policy is set to take effect from September 9, 2024.
Notifications were sent out to customers by the fintech companies, informing them of the upcoming charges.
In a statement, Opay alerted its users: “Dear valued customers, please be informed that 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 Federal Inland Revenue Service regulations.”
Opay further clarified that these deductions are a government requirement and not a source of revenue for the fintech companies. “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 emphasized.
Similarly, Moniepoint, another prominent fintech platform, issued a brief notice to its customers: “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024. Your BRM is available to answer questions you might have.”
The new policy is part of the government’s efforts to streamline tax collection and ensure compliance with existing financial regulations. As the deadline approaches, customers of these fintech platforms are advised to take note of the impending charges on their electronic transactions.
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