Moniepoint, Opay and other Fintech banks and financial services have imposed fresh N50 charges known as Electronic Transfer Levy, EMTL, on customers.
Nigerians will now start paying the charges from September 9, 2024, according to a recent notice by the banks.
With the new development, Nigerians using the online banking will have to pay N50 charges for any electronic transactions of N10,000 and above.
The Fintech companies blamed the charges on a directive from the Federal Inland Revenue Service (FIRS).
In a notification to its customers on Saturday, Moniepoint wrote:
“An N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024. Your BRM is available to answer questions you might have.”
Similarly, Opay said: “Please be informed that starting 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 in compliance with the Federal Inland Revenue Service (FIRS) regulations.”
“It is important to note that OPay does not benefit from this charge in any way as it is directed entirely to the Federal Government,” the company wrote.
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