FG Begins N50 Electronic Levy Deduction on Opay, Moniepoint, Others

The Federal Government of Nigeria has commenced the implementation of a N50 Electronic Money Transfer Levy (EMTL) on transactions of ₦10,000 and above, affecting users of financial technology platforms such as Opay, Moniepoint, and Kuda. This levy, introduced under the Finance Act 2020, applies to the recipient of any electronic transfer meeting the stated threshold. […]