The Federal Government has started deducting N50 e-debit on transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Opay, Moniepoint, Kuda and others.
The levy, called the Electronic Money Transfer Levy (EMTL), introduced under the Finance Act 2020, imposes a one-time, one-time levy of N50 on the recipient of any receipt or electronic transfer of N10,000 or more, and was announced previously to take effect September 9 Online forum reported.
The introduction of EMTL has however been met with opposition from Nigerians, with various groups including the National Association of Nigerian Students (NANS) calling on the Federal Government to reverse position on the implementation of the levy.
Meanwhile, in a notice sent to customers earlier in SeptemberOpay explained that the levy was imposed by the Federal Inland Revenue Service (FIRS), but clarified that it did not benefit from it.
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“Please note that from September 9, 2024, a one-off fee of N50 will be applied to electronic transfers of N10,000 and above remitted into your personal or business account, in accordance with Federal Inland Revenue Service (FIRS) regulations.
“It is important to note that Opay does not benefit in any way from these fees as they are entirely directed by the federal government,” Opay explained in its previous notice.
Recently, fintech companies have again informed their customers that the implementation of the N50 EMTL deduction has started from December 1, 2024.
Opay, in a message sent to its users on Saturday (also shared through its application), explained that the e-debit deduction begins on December 1.
“Dear Customer, as per FIRS, EMTL applies from December 1, 2024,” the message said.
Likewise, Moniepoint, in a notice sent to its customers on Saturday, explained that it had started the application of EMTL taxes, specifying however that the levy will be remitted to the FIRS.
“Dear customer, you will be charged a stamp duty of N%) on entries of N10,000 and above. Moniepoint collects and delivers this information on behalf of and to FIRS,” explains Moniepoint.
Meanwhile, our correspondent also learned that the implementation of EMTL has officially come into effect with Fintechs already deducting N50 for the Federal Government on transactions of N10,000 and above.
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