Customers of financial technology (fintech) companies including Opay, Moniepoint and Kuda are grumbling over the implementation of the Electronic Money Transfer Levy (EMTL) on their transactions.
The implementation which takes effect today (Monday) imposes N50 on transfer from N10,000 on fintech account holders as obtained with Deposit Money Banks (DMBs).
EMTL, introduced under the Finance Act 2020, places a singular and one-off levy of ₦50 on the recipient of any electronic receipt or transfer of ₦10,000 or above.
DMB account holders have been paying this transfer levy on transfer receipts above N10,000; forcing some of them to register with any of the fintechs with the hope of bypassing the charges.
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However, it appears there is no escape route as the federal government has widened its dragnet in its bid to rake in more revenue.
Fintech companies over the weekend informed their customers of the deduction of the levy with effect from today, making it clear that the charges do not benefit them directly.
Opay, in a notice to its customers, said, “Please be informed that starting September 9, 2024, a one-time of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service (FIRS) regulations.
“It is important to note that Opay does not benefit from this charge in any way as it is directed entirely by the federal government.”
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