Starting September 9, 2024, Opay and Moniepoint will introduce a N50 fee on electronic money transfers exceeding N10,000, in accordance with Federal Inland Revenue Service (FIRS) regulations. This new charge will apply to both personal and business accounts.
Customers were notified via a message titled “FGN Electronic Money Transfer Levy,” which began circulating on Saturday. The notification stated:
“Effective September 9th, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above. This fee, mandated by FIRS regulations, is directed entirely to the Federal Government and does not benefit OPay in any way.”
The fee is part of the Electronic Money Transfer Levy (EMTL) introduced under Nigeria’s Finance Act 2020. The EMTL imposes a fixed levy of N50 on electronic transactions of N10,000 or more, aiming to boost government revenue for public services and infrastructure.
The implementation of this levy reflects the government’s strategy to diversify revenue sources amid increasing demand for fiscal resources. As neobanks gain popularity for their reliability, low transaction fees, and efficient services, fintech platforms like Opay and Moniepoint have become essential for both individuals and businesses. Moniepoint was recently recognized as Africa’s fastest-growing fintech company by the Financial Times.
