Fintech companies such as Moniepoint, Palmpay, and others have begun informing their customers about plans to implement the N50 Electronic Money Transfer Levy (EMTL).
This deduction will apply to every inflow of N10,000 or more received by customers starting Monday, September 9, 2024.
According to the fintech companies, this deduction is in accordance with the Federal Inland Revenue Service (FIRS) directive.
This mandatory deduction brings to an era of free banking services that some fintechs provide, even though the charges go to the federal government.
Also, Punch reports that OPay has notified its customers of the new charge on electronic transfers into personal and business accounts in compliance with Federal Inland Revenue Service regulations.
In a notice to its customers on Saturday, OPay stated:
The introduction of this fee follows the Federal government’s efforts to generate revenue from electronic transactions through FIRS regulations.
TimesNow.com.ng earlier reported that the CBN governor, Olayemi Cardoso, revealed that over N10 trillion has been loaned to customers under various intervention schemes.
CBN data showed that between September and October 2022, the apex bank disbursed about N41.02 billion to several agricultural projects under the Anchor Borrowers’ Programme (ABP).
The total disbursement under the ABP scheme amounts to N1.07 trillion, which is distributed to about 4.6 million smallholder farmers growing 21 commodities nationwide.
Source: TimesNow.com.ng
