Nigerians are set to pay more as the Federal Government has began the N50 electronic levy deductions from Financial Technology companies like OPay and Moniepoint for transactions above N10,000.
This particular levy was introduced by FG as the Electronic Money Transfer Levy (EMTL) under the Finance Act 2020.
It places a singular and one-off levy of N50 on the recipient of any electronic receipt or transfer of N10,000 or above daily.
In a notice issued to its customers on September, OPay said the levy was imposed by the Federal Inland Revenue Service (FIRS).
Clearly noting that the company does not benefit from it, OPay 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,” Opay stated.