The federal government has imposed a deduction of N50 from every customers of Fintech companies, including Opay, Moniepoint, and others.
The levy, Electronic Money Transfer Levy (EMTL) is to be deducted from inflow of N10,000 and above received by users of these fintech platforms.
In a notice to its customers on Saturday, the online payment platform, OPay stated that the charges in line with the Federal Inland Revenue Service (FIRS) regulations, will take effect from Monday, September 9, 2024.
“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 read.
The company also clarified that the charges are requirements from the government and not a source of revenue for the payment platform.
“It is important to note that OPay does not benefit from these charges in any way as it is directed entirely to the Federal Government,” it added.
Moniepoint, also , in a notification to its customers on Saturday, said: “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024.
“Your BRM is available to answer questions you might have.”
The Levy
This levy stems from the Electronic Money Transfer Levy Regulations, 2022, introduced by the Finamce Act, 2020
The regulation was issued to guide the imposition, administration, collection, and remittance of the electronic money transfer levy.
Signed by the former Minister of Finance, Zainab Ahmed, the regulations are part of a broader effort to increase government revenue through electronic transactions.
The FIRS is in charge to administer, assess, collect, and account for the levy.
Reactions
Before this time, Fintechs have won the citizens’ hearts with other perks of service including swift and smooth services but most especially their charge-free transactions.
The 50 naira EMT charge has taken effect from yesterday, Monday 9th of September 2024 has triggered reactions among the customers.
As Nigerians take to social media platforms to express their views, most of the reactions have been that of frustration and disappointment.
While most accuse the government of excessive taxation, others out of frustration and disappointment threaten to ditch the fintech platforms for traditional banks
@Abdullahi35308:
“Pure act of extortion and exploitation of the masses. God is watching.”
“It seems it’s time for you guys (@OPay_NG) to wave a bye bye to many of your customers.
Time to activate my Access bank Zenith and Stanbic ATM.. Opay good bye…”
“just received notification to this effect. Safe to conclude that I’ll be saying bye to Opay to some extent
Bye bye to OPAY Thank you for your service”
It is interesting to see some Nigerians actually support the levy , Like @Harmless12345 who wrote;
“Tinubu has mandated Opay to start charging N50 naira tax on electronic transfers. This is a welcome development. I’ve not been comfortable with Opay’s zero charges. The president must discover taxable incomes. If you escape fuel, you won’t escape Opay.”
Some others in some quarters are busy devising means and ways around the situation:
@justmendex wrote;
“Dear Nigerians, instead of sending 10k on Opay, Moniepoint, or other fintech platforms, kindly be sending N9,999. It’s better to lose N1 than lose N50. Let the poor breathe.
