Nigeria Introduces N50 Levy on Electronic Transactions Over N10,000

The Nigerian Federal Government, under the leadership of President Bola Tinubu, has announced the imposition of a N50 Electronic Money Transfer Levy (EMTL) on all transactions of N10,000 or more.

This new policy, which will come into effect on September 9, 2024, is in line with regulations set by the Federal Inland Revenue Service (FIRS).

The levy will impact customers of various fintech platforms, including popular services like Opay and Moniepoint.

According to notifications from these platforms, the charge will be applied to every inflow of N10,000 or more received by both personal and business accounts. "Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.

It is important to note that OPay does not benefit from these charges in any way as it is directed entirely to the Federal Government," read a notice from Opay. Similarly, Moniepoint issued a brief notification stating, "A N50 fee would 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."