Africa
Finance
Nigeria
The Nigerian government now deducts a N50 electronic levy on transactions over N10,000
Chinedu Bruce
Dec 2, 2024
N50 levy on transactions
The Nigerian government has started deducting a N50 electronic levy from transactions made through platforms like Opay and Moniepoint, as reported. The deductions apply to transactions exceeding N10,000 and follow directives from the Federal Inland Revenue Service (FIRS).
Both Opay and Moniepoint notified their customers about the levy over the weekend. Opay announced that the Electronic Money Transfer Levy (EMTL) took effect on December 1, 2024, stating:
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024.”
Similarly, Moniepoint informed its users about the implementation, explaining that the N50 charge on inflows of N10,000 or more would be collected and forwarded to the FIRS. Their message read:
“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 and to FIRS.”
In September 2024, Opay, Moniepoint, and other FinTech platforms had earlier announced plans to implement the N50 levy on electronic transactions.
