Bola Ahmed Tinubu-led government has begun deducting a ₦50 electronic levy from transactions conducted through platforms such as Opay, Moniepoint, and other financial technology companies, according to DAILY POST.
Over the weekend, Opay and Moniepoint notified customers of the implementation of the electronic levy for transactions exceeding ₦10,000.
The FinTech companies clarified that the levy collection aligns with recent directives issued by the Federal Inland Revenue Service (FIRS).
Opay specified that the deductions commenced on December 1.
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” the message reads.
Similarly, Moniepoint informed its customers in a notice on Saturday that it has begun implementing the EMTL charges.
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The company clarified that the levy will be forwarded to the FIRS.
“Dear customer, you will be charged stamp duty of N%) on inflows of N10,000 and above. Moniepoint collects and remits.
It should be recalled that on September 8, 2024, Opay, Moniepoint, and other FinTech banks announced their intention to implement a ₦50 charge on electronic transactions.
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