Fintechs Begin Charging N50 Transfer Levy on Transactions from N10,000 and above.

In a recent development, several fintechs companies in Nigeria, including Opay, Moniepoint, and others, have started notifying their customers about a new transfer levy of N50 on transactions from N10,000 and above. This levy, which took effect on September 9, is in compliance with a directive from the Federal Inland Revenue Service (FIRS).

According to the fintech companies, the N50 transfer levy is a mandatory charge required by the FIRS to boost government revenue.

The notification from Opay, a leading fintech company, reads: "Dear valued customer, please note that starting from September 9, a one time fee of N50 will be applied to electronic transfer of N10,000 and above, paid into your personal or business account, in compliance with the directive from the Federal Inland Revenue Service (FIRS)."

Similarly, Moniepoint, another fintechs ompany, informed its customers: "We are writing to inform you that a N50 transfer levy will be charged on all transactions from N10,000 and above, effective September 9. This levy is mandated by the FIRS to support government revenue."

Other fintechs companies have also started notifying their customers about the new levy, which is expected to generate significant revenue for the government.

The introduction of the transfer levy has sparked mixed reactions from customers, with some expressing concerns about the additional cost. However, the fintech companies have assured their customers that the levy is a mandatory requirement and not a company-imposed charge.

As the fintechfintechs industry continues to grow in Nigeria, the introduction of the transfer levy is expected to have a significant impact on transactions and customer behavior. While some customers may be deterred by the additional cost, others may see it as a necessary sacrifice to support government revenue and development initiatives.