BREAKING: Opay, Moniepoint, others, to implement N50 EMTL deduction from September 9
Fintech companies, including OPay and Moniepoint, will begin deducting a N50 Electronic Money Transfer Levy (EMTL) from every inflow of N10,000 and above, starting September 9, 2024.
Customers have been notified of this upcoming charge, which is in compliance with a directive from the Federal Inland Revenue Service (FIRS).
The EMTL, mandated by the federal government, marks the end of the era of free banking services offered by some fintech firms, as the new charges will now be passed on to customers.
More details shortly…
