Opay, other fintech companies to charge N50 levy on N10,000 and above transfers

Opay, monie point and others will start charging customers a N50 levy on electronic transfers of N10,000 and above paid into their accounts . 

This was disclosed by the fintechs  in a message to customers tagged ‘FGN Electronic Money Transfer levy'. 

The companies want  their customers  to be informed that beginning from September 9th 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account. 

This directive is in  compliance with the Federal Inland Revenue Service  regulations. 

The fintechs noted that, they would not benefit from this charge as it is directly paid to the Federal Government. 

The Electronic Money Transfer Levy, introduced in the Finance Act 2020, was an amendment to the Stamp Duty Act to tap into the growth of electronic transfers. 

This mandatory deduction marks the end of free services that some fintech organizations  have provided.