FG begins deduction of N50 electronic levy from Opay, Moniepoint users

• Says the levy collection is in line with the Federal Inland Revenue Service’s recent directives
  

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The Nigerian government has commenced deduction of N50 electronic levy from transactions made by users of Opay, Moniepoint, and other financial technology companies.

A notification from Opay and Moniepoint during the weekend to customers confirmed the development.

According to the FinTech banks, the levy collection is in line with the Federal Inland Revenue Service’s recent directives.

Opay explained that the electronic levy deduction begins on December 1.

“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” the message reads.

Similarly, Moniepoint, in a notice sent to its customers on Saturday, explained that it has commenced implementation of the EMTL charges, clarifying, however, that the levy will be remitted to the FIRS.

“Dear customer, you will be charged stamp duty of N%) on inflows of N10,000 and above. Moniepoint collects and remits this on behalf of and to FIRS,” Moniepoint explained.