Point-of-Sale (POS) operators have increased their transaction fees in response to the Federal Inland Revenue Service’s (FIRS) enforcement of the ₦50 Electronic Money Transfer Levy (EMTL) on electronic inflows of ₦10,000 and above.
Fintech platforms over the weekend informed customers of the levy’s implementation, aligning with the Federal Government’s Stamp Duty Act. The levy, introduced under the Finance Act 2020, aims to generate additional revenue.
Moniepoint, in a customer notice, explained that the ₦50 levy applies to electronic inflows of ₦10,000 or more, except transfers between Moniepoint accounts owned by the same user. The message emphasized that the platform does not benefit from the levy, as the amount is remitted to FIRS.
PalmPay similarly notified its users, stating, “In accordance with the Electronic Money Transfer Levy regulation, a ₦50 levy will be charged on transfers of ₦10,000 or more starting November 30, 2024.” The message reiterated that the charge is directed to the federal government.
OPay also alerted its customers, stating that the EMTL would take effect from December 1, 2024.
POS operators have begun adjusting their transaction fees to accommodate the levy.
