Fintech companies including OPay, Moniepoint, and others have started notifying their customers of plans to begin deduction of N50 Electronic Money Transfer Levy (EMTL) from every inflow of N10,000 and above received by their customers starting from September 9
According to the fintech companies, this deduction is in accordance with the Federal Inland Revenue Service (FIRS) directive.
This mandatory deduction brings to an era of free banking services that some of the fintechs provide, even though the charges go to the federal government.
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