{"id":57467,"date":"2024-12-02T12:52:39","date_gmt":"2024-12-02T12:52:39","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=57467"},"modified":"2024-12-02T12:52:39","modified_gmt":"2024-12-02T12:52:39","slug":"breaking-fg-enforces-n50-electronic-levy-on-fintech-transactions","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/12\/02\/breaking-fg-enforces-n50-electronic-levy-on-fintech-transactions\/","title":{"rendered":"BREAKING: FG Enforces N50 Electronic Levy on Fintech Transactions"},"content":{"rendered":"<p><em><strong>By Adenike Lawal<\/strong><\/em><\/p>\n<p>The Federal Government of Nigeria has commenced the enforcement of a N50 Electronic Money Transfer Levy (EMTL), on electronic transactions of N10,000 and above through Financial Technology (Fintech), platforms like Opay, Moniepoint, and Kuda.<\/p>\n<p>This levy, established under the Finance Act of 2019 and later amended, mandates a one-time N50 charge on the recipient of any electronic transfer meeting the threshold.<\/p>\n<p>Initially slated for enforcement on September 9, 2024, the deduction officially began on December 1, 2024.<\/p>\n<p>The EMTL has sparked public criticism, with groups such as the National Association of Nigerian Students (NANS), urging the government to reconsider the policy due to its potential impact on citizens&#8217; financial burden.<\/p>\n<p>Fintech platforms have also taken steps to clarify their roles in implementing the levy.<\/p>\n<p>In September 2024, Opay informed users that the levy was a Federal Inland Revenue Service (FIRS), mandate, assuring customers it gains no profit from the charges.<\/p>\n<p>Similarly, Moniepoint issued notices to customers about the deductions, emphasizing that the fee is collected on behalf of the FIRS.<\/p>\n<p>The levy is designed to generate revenue distributed across the three tiers of government: 15% for the Federal Government, 50% for state governments, and 35% for local governments.<\/p>\n<p>According to FIRS directives, receiving banks are required to collect and remit the levy promptly.<\/p>\n<p>The EMTL represents a shift in Nigeria\u2019s tax system, aiming to bolster fiscal revenues but raising concerns among citizens about its effect on digital banking and financial inclusion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Adenike Lawal The Federal Government of Nigeria has commenced the enforcement of a N50 Electronic Money Transfer Levy (EMTL), on electronic transactions of N10,000 and above through Financial Technology (Fintech), platforms like Opay, Moniepoint, and Kuda. This levy, established under the Finance Act of 2019 and later amended, mandates a one-time N50 charge on [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":57468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-57467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/57467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=57467"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/57467\/revisions"}],"predecessor-version":[{"id":57469,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/57467\/revisions\/57469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/57468"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=57467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=57467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=57467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}