If You’re Using OPay, READ THIS Immediately As FG Begins Deducting ₦50 On Transactions
The Federal Government has officially commenced the implementation of the N50 Electronic Money Transfer Levy (EMTL) on transactions involving N10, 000 and above. This move, which is in compliance with the Finance Act 2020, will impact users of popular financial technology platforms such as OPay, Moniepoint, and Kuda.
As of December 2024, users of OPay will see a one- time N50 deduction on every electronic transfer or receipt of N10, 000 or more. This deduction, which is mandatory under the Federal Inland Revenue Service (FIRS) regulations, does not benefit OPay in any way. The company has clarified that the N50 levy is entirely directed by the government. OPay had informed its users of the upcoming charges earlier in September, explaining that the deduction would begin on December 1.
In a notice shared with its users on Saturday, OPay confirmed that the levy has now taken effect, saying, ” Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024. ” This means that if you receive a transfer of N10, 000 or more to your OPay account, N50 will be deducted and remitted directly to the FIRS.
Similarly, Moniepoint, another leading fintech platform, also announced the commencement of the EMTL deductions. The company clarified that it is responsible for collecting and remitting the levy to the FIRS on behalf of the government.
The new levy, which was initially announced to begin in September, has sparked some concerns among Nigerians. Several groups, including the National Association of Nigerian Students (NANS), have voiced their opposition to the policy, calling for its reversal. However, the Federal Government has moved ahead with the implementation, and users of platforms like OPay and Moniepoint will need to factor this additional charge into their transactions.
It’ s important for users to be aware of this new levy, as it will impact their transactions going forward. If you regularly transfer or receive N10, 000 or more via OPay, be prepared for the N50 deduction on each qualifying transaction.
