The Federal Government has enforced ₦50 levy on electronic money transfers through financial technology platforms, including OPay and Moniepoint.

Effective 9th September 2024, the levy applies to transactions above ₦10,000 and is part of the Electronic Money Transfer Levy (EMTL) introduced under the Finance Act 2020.

According to the Finance Act, the levy is a one-time charge imposed on recipients of electronic transfers or receipts above the threshold.

The Federal Inland Revenue Service (FIRS) is tasked with overseeing the collection of this levy.

In a notification to its customers, OPay clarified its role in implementing the policy.

“Starting 9th September 2024, a one-time fee of ₦50 will be applied to electronic transfers of ₦10,000 and above, paid into your personal or business account. This is in compliance with Federal Inland Revenue Service (FIRS) regulations,” OPay announced.

The company stressed that it does not benefit from the levy.

“It is important to note that OPay does not benefit from this charge in any way as it is directed entirely by the federal government,” the statement emphasised.

The levy has sparked mixed reactions among Nigerians, with concerns over the cumulative cost of financial transactions as more people rely on fintech platforms for daily banking needs.

The government maintains the levy is crucial for revenue generation to fund national development initiatives.