FG Starts N50 Levy on Opay, Moniepoint Transactions Over ₦10,000

|By Adejumo Adekunle –

*FinTech Platforms Implement FIRS-Directed Stamp Duty.

*Transactions Above ₦10,000 Attract ₦50 Levy.

*Opay, Moniepoint Begin Deduction from December 1.

The Federal Government has begun implementing a ₦50 electronic levy on transactions exceeding ₦10,000 through financial technology platforms such as Opay and Moniepoint.

Over the weekend, both Opay and Moniepoint alerted their users of the levy, stating it aligns with the Federal Inland Revenue Service’s (FIRS) directives. The deductions officially took effect on December 1, 2024.

In its notice, Opay stated: “Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024.” Similarly, Moniepoint confirmed that the stamp duty is collected and remitted directly to the FIRS.

The move follows earlier announcements on September 8, 2024, by Opay, Moniepoint, and other FinTech companies regarding the levy’s implementation.