Nigerians Face New Financial Strain As Moniepoint, Opay And Others Impose N50 Electronic Money Transfer Levy

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There are more burdens on Nigerians as Moniepoint, Opay and other Fintech banks and financial services have imposed fresh N50 charges known as Electronic Money Transfer Levy (EMTL), on customers.

It was gathered that the customers of Moniepoint and Opay will start paying the charges from September 9, 2024, according to a recent notice by the banks.

The new levy is in addition to the recent Premium Motor Spirit (Petrol) pump price hike to N855 and N897 by Nigerian National Petroleum Company Limited retail outlets.

The development means Nigerians using Opay and Moniepoint will have to pay N50 charges for any electronic transactions of N10,000 and above.

The Fintech companies blamed the charges on a directive from the Federal Inland Revenue Service (FIRS).

In a terse notification to its customers on Saturday, Moniepoint wrote:

“A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024. Your BRM is available to answer questions you might have.”

Similarly, Opay said: “Please be informed that 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 the Federal Inland Revenue Service (FIRS) regulations.”

“It is important to note that OPay does not benefit from this charge in any way as it is directed entirely to the Federal Government,” the company wrote.

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