Point of Sale (PoS) operators have increased their charges, starting Monday, December 2, 2024, in line with the implementation of the Electronic Transfer Levy (EMTL) of N50 on every N10,000 received by Opay, Palmpay, and other fintech apps.

The levy was ordered by the Federal Inland Revenue Service (FIRS) on behalf of the Nigerian government and is in line with the 2020 Finance Act.

The policy was scheduled to start on September 9, 2024, but it was delayed after outrage from the Nigerian citizens.

Some fintech platforms sent messages to their customers on Sunday, December 1, 2024, alerting them that they would be debited N50 for every N10,000 and above on the recipient’s accounts.

Moniepoint, Opay, PalmPay, and other platforms stated that the move complies with the Nigerian Stamp Duty Act, which mandates charging the EMTL to customers’ accounts.

The companies added that the levies apply to all inflows of N10,000 or above on the recipient’s accounts.

The EMTL is an N50 charged on mobile money transfers, internet banking and other electronic inflows of N10,000 and above.