Federal Government Imposes N50 Fee on Transactions Over N10,000 for Opay, Moniepoint, and Others: Read the Reason Behind It
The federal government has introduced a N50 fee on electronic money transfers (EMTL) of N10,000 or more, affecting users of fintech platforms like Opay and Moniepoint.
This new fee, mandated by the Federal Inland Revenue Service (FIRS), will be implemented starting September 9, 2024. Fintech companies have notified their customers about the upcoming change.
Opay communicated to its customers: “Dear valued customers, effective September 9, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 or more into your personal or business account, in line with FIRS regulations.” The company emphasized that the fee is a government requirement and does not benefit Opay, which is merely facilitating the deduction on behalf of the Federal Government.
Moniepoint also announced the fee in a notice: “Starting Monday, September 9, 2024, a N50 charge will apply to inflows of N10,000 and above. For any questions, please reach out to your BRM.”
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