PoS Operators Increase Withdrawal, Deposit Fees as Fintechs Begin N50 EMTL Charges [Video]

• PoS operators have adjusted their withdrawal and deposit charges following new EMTL charges
• The federal government ordered Moniepoint, Palmpay, and other fintech companies to charge N50 on customers’ accounts for every N10,000 deposit
• The fintech sector processed transactions worth N46.91 trillion in 2023, and the amount has been growing every year

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.

Point of Sale (PoS) operators across Nigeria have increased their withdrawal and deposit fees following the introduction of a new N50 Electronic Money Transfer Levy (EMTL) on their transactions by fintech companies.

Legit.ng reported that the federal government ordered Opay, Moniepoint, and other fintech companies to begin charging a N50 EMTL fee on every N10,000 deposit in their customers’ accounts.

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