Point-of-sale terminal operators increased their fees on Monday in accordance with the Federal Inland Revenue Services’ introduction of the N50 Electronic Money Transfer Levy, which is applied to any electronic inflow of N10,000 or more.
Following the Federal Government Stamp Duty Act, a number of fintech platforms informed their users on Sunday that they would begin collecting N50 as an Electronic Money Transfer Levy, which would be sent to the Federal Inland Revenue Services.
Moniepoint in a mail said, “Please be informed that in compliance with the Federal Government Stamp Duty Act, you would be charged an Electronic Money Transfer Levy of N50 by the Federal Inland Revenue Services on any electronic inflow of N10,000 and above” adding that “FIRS charges you N50 for inflow received in your Moniepoint personal banking account. Moniepoint does not benefit from this but receives and remits this sum to FIRS.”
It made it clear that all electronic inflows of N10,000 or more are subject to the fee, with the exception of those that occur between identical users’ Moniepoint accounts.
Mobile money, internet banking, and other electronic inflows of N10,000 or more are subject to the N50 Electronic Money Transfer Levy.
Due to this, PoS operators have now increased their fees across the country with some charging N300 for N10,000 withdrawal.
