FG Directs Banks and Fintechs to Begin N50 Deduction on Transfers from Today
A new electronic money transfer levy (EMTL) takes effect today, December 1, as the Federal Government orders all banks and financial service providers, including Moniepoint, OPay, and others, to begin deducting N50 from every electronic transfer of N10,000 and above. The levy was introduced under the Finance Act of 2020 but will now apply to … Read more