Operators of Point-of-Sale (POS) terminals in Nigeria have increased their charges, effective Monday, in line with the implementation of the Electronic Money Transfer Levy (EMTL) of N50 by the Federal Inland Revenue Service (FIRS). The levy is charged on any electronic inflow of N10,000 and above.
Several fintech platforms, including Moniepoint, PalmPay, and OPay, notified their customers on Sunday that they would start collecting the N50 levy in compliance with the Federal Government Stamp Duty Act. The levy will be remitted to the FIRS.
Moniepoint explained the new levy in an email to its customers, stating, “Please be informed that in compliance with the Federal Government Stamp Duty Act, you would be charged an Electronic Money Transfer Levy of N50 by the Federal Inland Revenue Services on any electronic inflow of N10,000 and above.”
The company clarified that the levy applies to all electronic inflows of N10,000 or more, except when the electronic inflow is between Moniepoint accounts owned by the same user.
PalmPay also notified its customers about the new levy, stating, “Dear Valued Customer, In accordance with the Electronic Money Transfer Levy regulation of 2022, a N50 levy will be charged on transfers of N10,000 or more paid into your PalmPay account from November 30th, 2024, as mandated by the Federal Inland Revenue.”
PalmPay assured its customers that it does not benefit from the levy, which is remitted directly to the federal government.
OPay sent a brief message to its customers, stating, “Dear customer, in line with the FIRS, the EMTL applies starting December 1st, 2024.”
The Electronic Money Transfer Levy was first introduced through the Finance Act 2020, which expanded the scope of dutiable instruments under the Stamp Duties Act to include electronic transactions. The regulations guide the imposition, administration, collection, and remittance of the Electronic Money Transfer Levy.
POS operators have expressed frustration with the new levy, which they claim has led to increased charges for their services. Kazeem Adewale, a POS operator in the Arepo area of Ogun State, lamented, “I have been explaining, and it is tiring. Customers think you want to cheat them, but all of us here have had to increase our charges because of this new levy.”
Another POS operator, Mrs. Helen Faniran, in Yaba, Ondo town, said, “I haven’t started collecting the charge, but I have heard a few of my colleagues saying they would start. One of them said instead of charging N300 for N10,000, she was going to start charging N400.”
Customers have also expressed dissatisfaction with the increased charges. Deborah Attah, a customer, said, “They charged me N600 for N20,000 when it used to be N400. N5,000 is now N150, and N10,000 is N300.”
On social media, bank customers have lamented the hike in POS charges. Sam Addai said, “E levy is one of the most obnoxious taxes. How are we being ‘punished’ for choosing digital money transfers over cash transactions?” Another user, 6xstem, described the Electronic Transfer levy as “criminal” and “robbery in broad daylight.”
Marcel Okeke, former Chief Economist at Zenith Bank, argued, “The Federal Government’s move to impose a N50 levy on fintech transactions is driven by a desire to boost revenue. However, this approach may have unforeseen consequences. By targeting digital transactions, the government may inadvertently discourage people from using these services, leading to a demonetization of the economy.”
Alias Aliyu described the government’s action as a “desperate move” to increase revenue, arguing that the current economic conditions do not justify such a measure.
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