What is Electronic Money Transfer Levy in Nigeria Banks?

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The topic electronic money transfer leve is trending all over the social media in Nigeria as people cry out to their various banks about unknown deduction from their account.

They have just received sms telling them of 50 naira debit thanks to emt levy. But what exactly is this Electronic Money Transfer Levy in Nigeria banks?

Most of those complaining about this issue are zenith bank, access bank Customer but many other customers from other banks will soon join as they too will be affected.

The Central Bank of Nigeria (CBN) in 2021 had sent a Circular to Deposit Money Banks (DMBs), fintechs and other financial institutions. The circular mandated the deduction of N50 on on electronic money transfers from 10,000 naira and above.

Remember that the Central Bank of Nigeria (CBN) encourages the general public to make use of alternative channels such as internet banking, mobile banking apps, USSD cards/POS, among others to conduct their banking transactions in the wake of cashless policy, now the thing is that users of these channels would be paying more now to the government in the name of Electronic money transfer levy.

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So what is electronic money transfer levy?

It is the 50 naira flat fee you pay for receiving 10,000 naira and above through electronic means. If you receive 10,000 naira twice you are charged 50 naira twice.

This fee is imposed by the CBN and not your bank so you should direct your comment to the CBN and not your bank.

Contrary to why many people will think, this fee does not affect sender of the money buy receiver. In other words, you’ll only be charge for this only when you receive 10,000 naira and above not when you send it.

 

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About the Author: Femi Olawole

Femi Olawole is a seasoned blogger with interest on providing helpful Contents on online loan apps, Tech and Business.

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