FGN Imposes N50 Transfer Levy on Transactions Above N10,000 via Moniepoint, Opay

The Federal Government of Nigeria has introduced a new levy of N50 on electronic transactions exceeding N10,000 processed through the Moniepoint, Opay platform. This charge, which will come into effect on September 9, 2024, applies to both personal and business accounts.

In a notification sent to its customers on Saturday, Moniepoint clarified that the N50 fee is in compliance with the Federal Inland Revenue Service (FIRS) regulations. The notice emphasized that the charge is a mandatory requirement from the government and is not a revenue-generating fee for the payment platform.

Opay Reassures Users

Opay reassured its users by stating, “Opay does not benefit from these charges in any way as they are directed entirely to the federal government.”

This levy is part of the government’s broader efforts to streamline tax collection and ensure compliance with financial regulations across digital payment platforms.