Nigerians are set to face additional financial burdens as Moniepoint, Opay, and other fintech banks have introduced a fresh N50 charge, labeled the Electronic Transfer Levy (EMTL), for transactions above N10,000. The new fee, which takes effect on September 9, 2024, comes in response to directives from the Federal Inland Revenue Service (FIRS).
Customers of Moniepoint and Opay were notified of the impending charges over the weekend. This levy is being introduced at a time when the nation is already grappling with rising fuel prices, with the Nigerian National Petroleum Company Limited (NNPCL) recently increasing Premium Motor Spirit (petrol) pump prices to between N855 and N897.
The fintech companies emphasized that the charge goes directly to the Federal Government and does not benefit the firms in any way.
