{"id":337873,"date":"2024-09-08T08:07:39","date_gmt":"2024-09-08T07:07:39","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=337873"},"modified":"2024-09-08T08:07:39","modified_gmt":"2024-09-08T07:07:39","slug":"fg-imposes-levy-on-transactions-above-n10000-on-opay-moniepoint-others","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/09\/08\/fg-imposes-levy-on-transactions-above-n10000-on-opay-moniepoint-others\/","title":{"rendered":"FG Imposes Levy on Transactions Above N10,000 on Opay, Moniepoint, Others"},"content":{"rendered":"<ul class=\"marker:text-textOff list-disc marker:font-mono marker:text-sm pl-8\">\n<li><strong>Fintech companies like Opay and Moniepoint to deduct N50 EMTL on transfers of N10,000+ from September 9, 2024<\/strong><\/li>\n<li><strong>The levy, mandated by FIRS, will not benefit the companies but will be remitted to the Federal Government<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The Federal Government has announced a new levy of N50 for every electronic money transfer of N10,000 and above received by customers of Fintech companies such as <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/05\/04\/opay-threatens-account-closure-for-crypto-trading\/\">Opay<\/a>, Moniepoint, and others.<\/p>\n<p>According to a notice issued to its customers on Saturday, the new charges, in compliance with Federal Inland Revenue Service (FIRS) regulations, will take effect from September 9, 2024.<\/p>\n<p>\u201cDear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations,\u201d the notice read.<\/p>\n<p>The notice clarified that the levy is a government requirement under President Bola Tinubu&#8217;s administration and is not a source of revenue for the payment platforms.<\/p>\n<p>\u201cIt is important to note that Opay does not benefit from these charges in any way, as it is directed entirely to the Federal Government,\u201d the statement added.<\/p>\n<p>Similarly, Moniepoint notified its customers on Saturday: \u201cA N50 fee will 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.\u201d<\/p>\n<p>The levy aims to generate additional revenue for the government while complying with the FIRS regulations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fintech companies like Opay and Moniepoint to deduct N50 EMTL on transfers of N10,000+ from September 9, 2024 The levy, mandated by FIRS, will not benefit the companies but will be remitted to the Federal Government The Federal Government has announced a new levy of N50 for every electronic money transfer of N10,000 and above [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":321462,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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