8 results
- 18 Dec 2023
FIRS Directs Banks to Deduct EMTL on Foreign Currency Transactions
Federal Inland Revenue Service (FIRS) has directed deposit money banks to deduct and remit Electronic Money Transfer Levy (EMTL) on foreign currency (FCY) transactions going forward. The levy is in…
- 24 Apr 2025
Fintechs Add $18m to New Tax Initiative
The Nigerian federal government announced that the Electronic Money Transfer Levy (EMTL) generated $49.5 million in revenue, with fintech companies contributing $18 million. This fund, as reported by…
- 8 Sept 2024
Opay, Moniepoint others to Begin Deduction of N50 eTransfer Fee
Federal government has imposed a N50 deduction for every electronic money transfer (EMTL) of N10,000 and above, affecting customers of fintech platforms such as Opay and Moniepoint. The deduction,…
- 2 Dec 2024
FG Begins N50 Electronic Levy Deductions from Moniepoint, Other Digital Banks
Federal government has commenced N50 electronic levy deductions from transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Opay, Moniepoint, Kuda, and…
- 11 Aug 2022
FG Targets N484Bn from Stamp Duty Charges, Others
Federal government is set to make a total of N483.73bn in three years from electronic payment boom by way of the Electronic Money Transfer Levy, according to projection made by the Budget Office of…
- 17 Nov 2025
FG Lists Bank Charges Nigerians Will Stop Paying from January 2026
Nigerians won’t have to worry about the payment of five common bank charges again, as from January 2026, when the new tax laws come into effect. This was made known by Taiwo Oyedele, chairman of the…
- 31 Dec 2025
Banks to Impose N50 Stamp Duty on Transfers of N10,000 and Above from January 1
Commercial banks in Nigeria will begin charging a N50 stamp duty on electronic transfers of N10,000 and above starting January 1, 2026, in line with the newly enacted Tax Act. CBN The Electronic…
- 15 Jan 2026
FG Directs Banks, Fintechs to Remit VAT on Service Fees
The Federal Government has directed all banks and fintechs to collect and remit 7.5 per cent value-added tax on certain electronic banking services, effective Monday, January 19, 2026, according to…