Banks Extend Electronic Transfer Levy To Domiciliary Accounts


By Kayode Sanni-Arewa

Commercial banks in the country extended the deduction of N50 electronic money transfer levy (EMTL) to transfers into domiciliary accounts.

Recall that banks are already making the EMTL deduction on transfers into domestic accounts.
While other banks may or may not have started deducting this levy, Stanbic IBTC Bank, is the first to notify its customers.

In a notice to customers, the bank said the new levy would take immediate effect following the EMTL regulation issued by minister of finance, budget and national planning, Zainab Ahmed.

According to Stanbic IBTC, customer with domiciliary accounts would be charged an equivalent of N50 as EMTL at an exchange rate determined by the Central Bank of ().

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