Please Be Informed: FG Orders Fintechs To Start N50 Deductions on Customers Accounts, Date Set [Video]

• Fintechs, including Moniepoint and Palmpay, will begin debiting N50 from customers’ accounts as ordered by the FIRS
• The new N50 charges, explained by FIRS, will apply to every N10,000 inflow into customers’ accounts
• This mandatory deduction marks the end of free banking services that some fintech have provided

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Fintech companies such as Moniepoint, Palmpay, and others have begun informing their customers about plans to implement the N50 Electronic Money Transfer Levy (EMTL).

This deduction will apply to every inflow of N10,000 or more received by customers starting Monday, September 9, 2024.

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 …