Starting September 9, 2024, the Federal Government of Nigeria will introduce a new fee on electronic money transactions. The Electronic Money Transfer Levy (EMTL) will require fintech companies such as Opay and Moniepoint to charge N50 for any electronic transfer of N10,000 or more received by their users.
As reported by Daily Trust, this levy aligns with the regulations set by the Federal Inland Revenue Service. Companies affected by this levy have notified their customers about the upcoming change, clarifying that the fees are mandated by the government and do not generate revenue for the payment networks.
This tax will affect both personal and business accounts. Customers are advised to reach out to their service providers for additional details.
