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, which is in line with the Federal Inland Revenue Service (FIRS) regulations, is set to take effect from September 9, 2024.

The announcement was made by the fintech companies through notifications to their customers.

In a statement, Opay informed its customers, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.”

The company clarified that these deductions are part of the government’s requirements and not a revenue stream for fintech companies.

“It is important to note that OPay does not benefit from these charges in any way as it is directed entirely to the Federal Government,” the statement added.

Similarly, Moniepoint, another major fintech platform, issued a brief notice, stating: “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024.

“Your BRM is available to answer questions you might have.”

The Corporate Affairs Commission (CAC) has begun moves to enforce its directive that Point of Sale (POS) operators should register with the commission.

The registration directive gave POS operators July 7, 2024 to September 5, 2024.

In a statement released by the Commission, the CAC said that it is now working closely with law enforcement agencies and other relevant stakeholders to develop and implement a robust enforcement and sanction framework.

This framework, according to the CAC, will not only target the shutdown of non-compliant businesses but could also involve more severe legal actions against defaulters.

The Commission expressed concern over the low level of compliance by POS operators, despite the large number of such businesses operating across the country.

They also commended those operators who adhered to the directive, noting their responsible approach to formalizing their operations.

“We are to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy a comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal Consequences,”

However, the Commission criticized what it termed “recalcitrant operators,” many of whom have either refused or failed to comply with the registration requirement.

The CAC suggested that some of these operators might be engaging in “unwholesome activities” or have other undisclosed reasons for resisting formalization.

As the CAC moves towards enforcement, it urges all unregistered POS operators to take immediate steps to formalize their businesses or face the consequences of their inaction.

Recall that in May 2024 the CAC announced that PoS agents have been given a deadline of July 7, 2024, to register their business.

Hussaini Magaji, Registrar-General of the CAC, who announced this said this was the agreement with the PoS operators after a meeting in Abuja.

According to him, the registrations also align with the legal requirements and the directives of the Central Bank of Nigeria.

He added that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking.

Magaji said the registration is aimed at safeguarding the businesses of fintechs and customers, strengthen the economy and tackle the surge in fraud in Nigeria’s financial industry.

The Commission also announced an extension of the mandatory registration for Fintech Operators to September 5, 2024.

It said the 60-day extension is to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.

“The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents, and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024,” CAC said in the notice.

“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.”

Central Bank of Nigeria (CBN) has approved the sale of dollars to bureau de change (BDC) operators at a rate of N1,580 per dollar.

In a circular signed by W.J Kanya, the acting director of the trade and exchange department, on Friday, September 6, the CBN stated that each BDC operator is eligible to purchase $20,000 in foreign exchange (FX).

The directive further stipulated that all BDCs are permitted to sell FX to eligible end-users at a margin of no more than 1 percent above the purchase rate set by the CBN.

The CBN also instructed interested and eligible BDCs to make their naira payments to the CBN deposit account numbers assigned to them.

It read; “This is to inform the Bureau De Change (BDC) Operators and the general public that we are providing more liquidity into the market. To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$.

“This is to meet the demand for invisible transactions. Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches – (Abuja, Awka, Kano and Lagos) for collection of the US$20,000.00.”