By Labofa Ukuta Ogoba
In the bid to comply with directive of the Federal Inland Revenue Service regulations, Fintech organizations which include: Monie Point, Opay and others are to charge fifty Naira (N50) on electronic transfer of the sum of ten thousand(N10,000) and above, paid into their accounts. Fintechs stated this in a message to customers tagged:’FGN Electronic Money Transfer Levy’.
According to the message, a one-time fee of fifty naira (N50) will be applied to electronic transfers of ten thousand( N10,000) and above paid into one’s personal or business account and this exercise would begin from 9th September, 2024.
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.