Nigerians Face New Financial Strain as Moniepoint, Opay Impose N50 Electronic Transfer Levy

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Nigerians are set to face additional financial burdens as Moniepoint, Opay, and other fintech banks have introduced a fresh N50 charge, labeled the Electronic Transfer Levy (EMTL), for transactions above N10,000. The new fee, which takes effect on September 9, 2024, comes in response to directives from the Federal Inland Revenue Service (FIRS).


Customers of Moniepoint and Opay were notified of the impending charges over the weekend. This levy is being introduced at a time when the nation is already grappling with rising fuel prices, with the Nigerian National Petroleum Company Limited (NNPCL) recently increasing Premium Motor Spirit (petrol) pump prices to between N855 and N897.

Moniepoint, in its notice, informed customers:

"An N50 fee will be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024. Your BRM is available to answer questions."

Opay issued a similar statement:

"Starting September 9th, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account in compliance with FIRS regulations."

The fintech companies emphasized that the charge goes directly to the Federal Government and does not benefit the firms in any way.


 

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