By Kayode Sanni-Arewa
The Federal Government of Nigeria has started a new levy on electronic money transfers. Starting September 9th, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into personal or business accounts.
The levy, which is in compliance with the Federal Inland Revenue Service (FIRS) regulations, will not benefit OPay or any other financial institution, but will be directed entirely to the Federal Government.
This new policy is expected to generate significant revenue for the government, but may also increase the cost of transactions for individuals and businesses.
OPay, a leading financial services provider, has notified its customers of the impending levy and assured them that it is committed to transparency and compliance with regulatory requirements.
The introduction of the electronic money transfer levy is part of the government’s efforts to diversify its revenue streams and reduce dependence on oil exports.