Point of Sale (PoS) operators have increased their charges, effective Monday, December 2, 2024, in line with the implementation of the Electronic Transfer Levy (EMTL) of N50 on every N10,000 received by Opay, Palmpay, and other fintech platform users.
The EMTL was ordered by the Federal Inland Revenue Service (FIRS) on behalf of the Nigerian government and aligns with the 2020 Finance Act.
The policy was scheduled to begin on September 9, 2024, but it was delayed following Nigerians’ outrage.
Several fintech platforms sent messages to their customers on Sunday, December 1, 2024, notifying them they would be debited N50 for every N10,000 and above on the recipientâs accounts.
Moniepoint, Opay, PalmPay, and other platforms disclosed that the move complies with the Nigerian Stamp Duty Act, which mandates charging the EMTL to customersâ accounts.
The companies clarified that the levies apply to all inflows of N10,000 or above on the recipientâs accounts.
The EMTL is an N50 charged on mobile money transfers, internet banking and other electronic inflows of N10,000 and above.
One of the fintech companies, Opay, disclosed in an in-app message to customers, seen by TimesNow.com.ng, that the charge would begin December 1, 2024.
Meanwhile, PoS operators said they had increased their charges by 25% following the introduction of the EMTL on fintech platforms.
They reveal that any money sent into their accounts would attract N75 extra charges as the EMTL would also be charged to their accounts.
According to them, when they receive money from anyone on behalf of their customers, they will incur an N50 EMTL charge, making them liable for the electronic transfer charges.
They disclosed that they have to factor the EMTL into their charges to make a profit.
Olugbenga Toki, a PoS operator, told TimesNow.com.ng that they have begun charging the new amount since Monday, December 2, 2024, when they received notifications from the fintech platforms.
Another operator in the Toyin area of Iju-Ishaga, Adedayo Adeleke, said they have increased their charges as they mostly use the fintech platforms for operations.
The PoS operators also disclosed that the current cash scarcity has made it essential to add extra charges.
They said they source their cash mostly from women in the market, petrol stations, and black markets, which has impacted their profit margin.
They state that most of the time, the market women and petrol attendants charge them more for cash.
TimesNow.com.ng earlier reported that the Nigerian government had begun deducting the N50 electronic transfer levy (EMTL) from transactions of N10,000 and above made by fintech firm users.
The fintech firms included Opay, Moniepoint, Palmpay, Kuda, and other digital payment platforms.
