Close Menu
GRASSROOTS PARROT
  • Home
  • News
    • Crime
    • Health
    • Education
    • Agric
    • Climate Report
    • Economy
    • Women Affairs
    • Special Reports
    • Africa
  • Investigations
  • Business
  • Politics
  • Environment
  • Sports
  • More
    • Entertainment
    • Opinions
    • Videos
    • Podcasts
    • Trending
  • About
    • Contact Us
    • Privacy Policy
Facebook X (Twitter) Instagram
Facebook X (Twitter) WhatsApp Telegram
GRASSROOTS PARROT
Subscribe
  • Home
  • News
    • Crime
    • Health
    • Education
    • Agric
    • Climate Report
    • Economy
    • Women Affairs
    • Special Reports
    • Africa
  • Investigations
  • Business

    Tinubu Signs Tax Reform Bills Into Law, Targets Investment and Revenue Growth

    June 26, 2025

    Tinubu Set To Sign Tax Reform Bills Into Law, Promises Fairer Economy For Nigerians

    June 26, 2025

    Blackout Looms As Electricity Workers Give Strike Notice

    June 5, 2025

    Emir Sanusi Woos Foreign Investors, Assures Opportunities, Profit Margin In Nigeria

    May 8, 2025

    Dangote Accuses Oil ‘Cabal’ Of Sabotaging His $20B Refinery

    May 5, 2025
  • Politics

    Kano Governor Launches Probe Into Commissioner’s Alleged Role In Drug Dealer’s Bail

    July 26, 2025

    APC Appoints New National Chairman

    July 24, 2025

    Minister Atah Applauds Kano Residents For Warm Reception Of President Tinubu, Hails Leader’s Compassionate Spirit

    July 23, 2025

    Four PDP Senators, Three Reps Defect to APC

    July 23, 2025

    CHRICED Slams Edo Gov Over Peter Obi Travel Restriction, Warns Against Erosion Of Democratic Rights

    July 21, 2025
  • Environment
  • Sports
  • More
    • Entertainment
    • Opinions
    • Videos
    • Podcasts
    • Trending
  • About
    • Contact Us
    • Privacy Policy
GRASSROOTS PARROT
Home » Just In: FG Implements ₦50 Levy Deduction On Opay, Moniepoint, Others
Economy

Just In: FG Implements ₦50 Levy Deduction On Opay, Moniepoint, Others

Editor IIIBy Editor IIIDecember 2, 2024Updated:December 2, 2024
Facebook Twitter WhatsApp Telegram
Tinubu writes

The federal government has begun enforcing the Electronic Money Transfer Levy (EMTL), deducting ₦50 from electronic transactions of ₦10,000 and above processed by financial technology companies, including Opay, Moniepoint, and Kuda.

Introduced under the Finance Act 2020, the EMTL applies a one-time levy of ₦50 on recipients of electronic transfers meeting the threshold. Initially slated for enforcement from September 9, 2024, its implementation officially began on December 1, 2024.

Fintech companies have clarified their role as intermediaries, explaining that the levy is imposed by the Federal Inland Revenue Service (FIRS) and remitted to the government.

READ ALSO: Tinubu Suspends Cybersecurity Levy Amid Public Outcry

In a notice to customers, Opay stated: “Starting December 1, 2024, a one-time charge of ₦50 will apply to electronic transfers of ₦10,000 and above, as mandated by FIRS. Opay does not benefit from this charge.”

Similarly, Moniepoint informed its users: “You will be charged a stamp duty of ₦50 on inflows of ₦10,000 and above. Moniepoint collects and remits this to FIRS on behalf of the government.”

The levy has faced widespread criticism, with groups like the National Association of Nigerian Students (NANS) calling for its reversal, citing the financial burden on Nigerians.

Meanwhile, Grassroots Parrot gathered that despite the pushback, most fintech platforms have confirmed compliance, signaling the levy’s full implementation.

Share. Facebook Twitter Telegram WhatsApp

Related Posts

Outrage As Vandals Take Over Kano Schools Despite Recruitment of 17,000 Security Guards

August 7, 2025

Police Reportedly Break Sowore’s Hand, Move Him To Undisclosed Location

August 7, 2025

BUK Student Stabbed To Death By Phone Snatchers In Kano, Suspects Arrested

August 7, 2025
Leave A Reply Cancel Reply

Latest Posts

Bribery Allegation: Kano Judicial Commission Sacks Worker, Demotes Court Registrar

February 10, 20251,078

Kano Govt Insists 6 p.m. to 6 a.m Curfew Remains Despite End of Hunger Protest

August 12, 20241,062

Kano Govt Clarifies Curfew Relaxation Amid Growing Rumours

August 4, 2024937

BREAKING: Kano Govt Suspends Curfew

August 12, 2024734
Don't Miss
Education

Outrage As Vandals Take Over Kano Schools Despite Recruitment of 17,000 Security Guards

By Editor1August 7, 2025

By Caleb Jacob and Nura Haruna Mudi Despite the 2024 launch of the Safe School…

Police Reportedly Break Sowore’s Hand, Move Him To Undisclosed Location

August 7, 2025

BUK Student Stabbed To Death By Phone Snatchers In Kano, Suspects Arrested

August 7, 2025

Stop Rewarding Thieves With Ministerial Positions – Emir Sanusi Warns

August 6, 2025
Stay In Touch
  • Facebook
  • Twitter
  • Telegram
  • WhatsApp
About Us

Grassroots Parrot is a community-oriented online news medium focusing on social justice issues and how they are affecting people in the rural areas. We adopt tripod approaches of investigative, developmental and solution journalism to unearth developmental challenges and hold authorities accountable on possible...

Email Us: info@grassrootsparrot.com
Contact: +2348060183014

Facebook X (Twitter) WhatsApp Telegram
Recent Posts

Outrage As Vandals Take Over Kano Schools Despite Recruitment of 17,000 Security Guards

August 7, 2025

Police Reportedly Break Sowore’s Hand, Move Him To Undisclosed Location

August 7, 2025

BUK Student Stabbed To Death By Phone Snatchers In Kano, Suspects Arrested

August 7, 2025
Most Popular

Bribery Allegation: Kano Judicial Commission Sacks Worker, Demotes Court Registrar

February 10, 20251,078

Kano Govt Insists 6 p.m. to 6 a.m Curfew Remains Despite End of Hunger Protest

August 12, 20241,062

Kano Govt Clarifies Curfew Relaxation Amid Growing Rumours

August 4, 2024937
© 2025 GRASSROOTS PARROT
  • Home
  • About Us
  • Contact Us
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.

WhatsApp Share