Operators of Point-of-Sale terminals raised their charges on Monday in line with the implementation of the Electronic Money Transfer Levy of N50 by the Federal Inland Revenue Services charged on any electronic inflow of N10,000 and above.
Several fintech platforms on Sunday notified their customers that they would start the collection of N50 as an Electronic Money Transfer Levy in compliance with the Federal Government Stamp Duty Act, which would be remitted to Federal Inland Revenue Services.
In a message to its users, Opay stated, “Dear Customer, in line with the FIRS, the EMTL applies starting from December 1, 2024.”
Similarly, Moniepoint notified its users, “Dear Customer, you will be charged stamp duty of N50 on inflows of N10,000 and above. Moniepoint collects and remits this on behalf of the FIRS.”
The EMTL aligns with the Federal Inland Revenue Service regulations, which require financial institutions and Fintech operators to deduct and remit the levy.
The policy aims to bolster government revenue, but its implementation has sparked mixed reactions, with many Nigerians expressing concerns about its impact on the cost of financial transactions.
Stakeholders are urging the government to clarify the framework and address public apprehension to ensure smooth compliance.
Meanwhile, Fintech operators have assured users of transparency in the collection and remittance of the levy to the FIRS.
