Operators of Point-of-Sale (PoS) terminals have increased their charges following the implementation of a new Electronic Money Transfer Levy (EMTL) of N50, mandated by the Federal Inland Revenue Service (FIRS).
The levy applies to electronic inflows of N10,000 and above and took effect on December 1, 2024.
Several fintech platforms, including Opay, Palmpay and Moniepoint, alerted their customers about the change.
Opay stated, “Dear Customer, in line with the FIRS, the EMTL applies starting from December 1, 2024.” Moniepoint similarly informed users, “You will be charged stamp duty of N50 on inflows of N10,000 and above. Moniepoint collects and remits this on behalf of the FIRS.”
Similarly, PalmPay notified its users, saying, “A N50 levy will be charged on transfers of N10,000 or more paid into your PalmPay account from November 30, 2024, as mandated by the Federal Government.”
However, its rollout has drawn mixed reactions from Nigerians, many of whom are concerned about the rising cost of financial transactions and how the government keeps introducing measures to increase hardship.
The levy, introduced under the Federal Government Stamp Duty Act, aims to boost government revenue.
