Sunday, September 8, 2024 -The federal government has imposed a N50 deduction for every electronic money transfer (EMTL) of N10,000 and above, affecting customers of fintech platforms such as Opay and Moniepoint.
The deduction, which is in line with the Federal Inland Revenue Service
(FIRS) regulations, is set to take effect from September 9, 2024. The
announcement was made by the fintech companies through notifications to their
customers.
In a statement, Opay informed its customers, "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 company clarified that these deductions are part of the government’s
requirements and not a revenue stream for 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 statement added.
Similarly, Moniepoint, another major fintech platform, issued a
brief notice, stating: "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."
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