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As of today, December 1, 2024, Mobile Money Operators (MMOs) such as Opay, Moniepoint, Palmpay, and others have commenced the implementation of the ₦50 Electronic Money Transfer Levy (EMTL). This charge is in compliance with the Federal Government’s Stamp Duty Act and is remitted directly to the Federal Inland Revenue Service (FIRS).
What is the EMTL?
The Electronic Money Transfer Levy is a ₦50 fee applied to electronic inflows of ₦10,000 or more. This applies to transactions made through mobile money platforms, internet banking, and other electronic channels.
How Does This Affect MMO Users?
For every electronic inflow of ₦10,000 or more into an account, MMOs now deduct ₦50 as the levy. It is important to note that MMOs, including Moniepoint, have clarified that they do not benefit from this charge. Instead, the collected amount is transferred directly to the FIRS.
Are There Any Exceptions?
Yes. The levy does not apply to transfers between accounts owned by the same individual within the same MMO. For example, if you transfer funds between two Opay accounts under your name, the ₦50 charge will not apply.
What Users Need to Know
This new policy impacts all electronic inflows above ₦10,000, so users should be prepared for the additional deduction. The levy is part of the government’s effort to streamline revenue collection.
Plan your transactions carefully and stay informed about any updates from your preferred MMO provider.
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