The Federal Government of Nigeria has implemented a new fee on electronic money transactions, beginning September 9, 2024.
The Electronic Money Transfer Levy (EMTL) compels Fintech businesses like Opay and Moniepoint to take N50 from any inflow of N10,000 or more received by its users.
According to Daily Trust, this action complies with Federal Inland Revenue Service laws.
The impacted firms have informed their clients of the impending change, emphasizing that the fees are regulated by the government and do not generate money for the payment networks.
The tax applies to both personal and commercial accounts, and clients are encouraged to contact their respective service providers for further information.
