The Federal Government imposes a N50 levy on electronic money transfers of N10,000 and above, affecting Opay, Moniepoint, and other fintech platforms. The charge, enforced by the Federal Inland Revenue Service, begins on September 9, 2024, and applies to both personal and business accounts across Nigeria.
The Federal Government has introduced a new levy on electronic money transfers of N10,000 and above, impacting fintech users of platforms like Opay and Moniepoint. Starting September 9, 2024, a N50 fee will be applied to such transactions, following guidelines set by the Federal Inland Revenue Service (FIRS).
Both Opay and Moniepoint notified their customers of the upcoming charge, clarifying that the deduction is a government mandate and not a revenue stream for the companies. Opay emphasized that the N50 fee is directed entirely to the Federal Government, and they do not benefit from it.
Similarly, Moniepoint issued a statement confirming the levy and urged customers to contact their business relationship managers (BRMs) for further information. This policy aims to align with the government's financial regulatory framework, ensuring compliance across digital financial services.
