The federal government has introduced a N50 fee for every electronic money transfer (EMTL) of N10,000 or more, impacting customers of fintech platforms like Opay and Moniepoint.
This fee, in accordance with the Federal Inland Revenue Service (FIRS) regulations, will take effect from September 9, 2024. Fintech companies have informed their customers through notifications.
In a statement, Opay said, “Dear valued customers, starting September 9, 2024, a one-time N50 fee will apply for electronic transfers of N10,000 and above to personal or business accounts, in line with FIRS regulations.”
The company emphasized that this deduction is mandated by the government and is not a revenue source for fintech companies, stating, “OPay does not profit from these charges; they are directed entirely to the Federal Government.”
Moniepoint also issued a notice, saying, “A N50 fee will be charged on inflows of N10,000 and above starting Monday, September 9, 2024. Your BRM is available to answer any questions.”
