POS Operators Increase Charges Following Federal Government’s Transfer Levy.
By Our Correspondent
Implementing an N50 Electronic Money Transfer Levy by the Federal Inland Revenue Service (FIRS) has drawn significant backlash from Nigerians. Point-of-sale (POS) operators have raised their transaction fees nationwide.
The levy applied to electronic inflows of N10,000 and above and took effect on Monday, prompting customers to express dissatisfaction over the service charge increase.
Major fintech platforms, such as Moniepoint, PalmPay, and OPay, had previously informed users about this mandatory deduction, clarifying that the levy would be directly remitted to the federal government.
In a statement, Moniepoint explained, “Please be informed that in compliance with the Federal Government Stamp Duty Act, you will be charged an Electronic Money Transfer Levy of N50 by the Federal Inland Revenue Service on any electronic inflow of N10,000 and above.
Moniepoint does not benefit from this; we merely collect and remit this amount to FIRS.”
Similarly, PalmPay notified its users, stating, “A N50 levy will be charged on transfers of N10,000 or more deposited into your PalmPay account starting November 30, 2024, as mandated by the Federal Government.”
OPay also notified concisely: “In line with FIRS regulations, the EMTL will apply beginning December 1, 2024.”
Consequently, many POS operators have adjusted their fees to accommodate the new charges, placing additional financial strain on customers already dealing with high transaction costs.
