BREAKING: OPay, Others Begin Deduction of N50 on Transactions Above N10,000

Digital banks in Nigeria, including the popular OPay, Moniepoint and others, have commenced the implementation of N50 stamp duty collected by the federal government......Read The Full Article>>.....Read The Full Article>>

The fee, known as the Electronic Money Transfer Levy (EMTL), is charged by the federal government through the Federal Inland Revenue Services (FIRS) on transactions above N10,000.

The traditional banks have been charging their customers for this, but not the financial technology (fintech) lenders.

This has made the new-banks to be very popular among Nigerians, who have practically abandoned the traditional financial institutions because of their excessive charges.

In a message to its customers on Sunday, one of the leading digital banks, OPay, said it would begin to deduct N50 for electronic transactions above N10,000 in line with the directive of the government.

“Dear customer, in line with the FIRS, the EMTL applies starting from December 1, 2024,” the notice sent by Opay to its customers, which was seen by Business Post, read.

This newspaper also confirmed that the implementation of the policy has taken effect as transfer above the threshold attracted the N50 levy.