The federal government of Nigeria has announced a new levy on electronic money transfers.
Starting on Monday, 9 September 2024, customers of fintech companies such as Opay, Moniepoint, and PalmPay will incur a N50 charge on any transfer of N10,000 or more.
According to a notice from Opay, the fee aligns with Federal Inland Revenue Service, FIRS, regulations.
“Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations,” the notice stated.
Opay emphasised that the levy is a federal government requirement and not a revenue source for the platform.
“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 notice added.
Similarly, Moniepoint communicated that a N50 fee will be applied to transactions of N10,000 and above from Monday, 9 September 2024.
“A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024,” the company said in its notice.
PalmPay also confirmed the introduction of the N50 stamp duty, stating, “An N50 levy will be charged on transfers of N10,000 or more paid into your PalmPay account from September 9, 2024, as mandated by the Federal Inland Revenue (FIRS).”
PalmPay assured customers that the levy is remitted directly to the federal government and that they continue to offer free transfers to any bank account.
This new levy is in accordance with the Electronic Money Transfer Levy regulation of 2022, initially introduced under the 2020 Finance Act signed by former President Muhammadu Buhari.
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