The Federal Government has introduced a N50 deduction for every electronic money transfer (EMTL) of N10,000 and above, impacting customers of fintech platforms like Opay and Moniepoint.
Effective from September 9, 2024, this deduction aligns with Federal Inland Revenue Service (FIRS) regulations. Fintech companies have informed their customers about this change through notifications.
Opay has notified its customers with the following statement: “Dear valued customers, please be aware that from September 9, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above into your personal or business account, in accordance with FIRS regulations.” Opay clarified that these deductions are mandated by the government and do not generate revenue for the company. “It is important to note that Opay does not benefit from these charges; they are directed entirely to the Federal Government,” the statement added.
Moniepoint has also issued a notice stating: “A N50 fee will be charged on inflows of N10,000 and above starting Monday, September 9, 2024. For any questions, your BRM is available to assist you.”
