Nigerian fintech firms OPay and Moniepoint to charge N50 EMTL on transactions above N10,000 from Sept 9, 2024, per FIRS mandate.

Starting September 9, 2024, Nigerian fintech firms OPay and Moniepoint will charge a N50 Electronic Money Transfer Levy (EMTL) on transactions of N10,000 and above. This fee, mandated by the Federal Inland Revenue Service (FIRS), aims to boost government revenue and applies to both personal and business accounts. OPay clarified that it does not profit from this charge, which is entirely directed to the federal government.

September 07, 2024
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