Nigerians are facing additional financial burdens as Moniepoint, Opay, and other fintech institutions have announced a new N50 fee, referred to as the Electronic Transfer Levy (EMTL), for their customers.
According to a recent notice from the banks, customers of Moniepoint and Opay will begin incurring these charges starting September 9, 2024.
This new levy comes on the heels of a recent increase in the price of Premium Motor Spirit (Petrol), which has risen to N855 and N897 at retail outlets operated by the Nigerian National Petroleum Company Limited.
As a result, users of Opay and Moniepoint will be required to pay a N50 fee for any electronic transactions of N10,000 or more.
The fintech companies have attributed this charge to a directive from the Federal Inland Revenue Service (FIRS).
In a brief message to its customers on Saturday, Moniepoint stated:
“An N50 fee will be applied to inflows of N10,000 and above starting Monday, September 9, 2024. Your BRM is available to address any questions you may have.”
Likewise, Opay announced: “Please be advised that effective September 9, 2024, a one-time fee of N50 will be charged for electronic transfers of N10,000 and above deposited into your personal or business account, in accordance with FIRS regulations.”
The company emphasized, “It is important to note that OPay does not benefit from this charge; it is directed entirely to the Federal Government.”
