Important Update to All Moniepoint Costomers Be careful to Read This Important Update

Important Update to All Moniepoint Costomers Be careful to Read This Important Update

Moniepoint MFB Saida:  Dear customer: Please be informed that in compliance with the Federal Government Stamp Duty Act, you would be charged an Electronic Money Transfer Levy (EMTL) of ₦50 by the Federal Inland Revenue Services (FIRS) on any electronic inflow of ₦10,000 and above...CLICK

What is the Electronic Money Transfer Levy (EMTL)?

The electronic money transfer levy (EMTL) is a ₦50 charge on mobile money, internet banking and other electronic inflows of ₦10,000 or more.

How does this levy affect Moniepoint users?

FIRS charges you ₦50 for inflow received in your Moniepoint personal banking account. Moniepoint does not benefit from this but receives and remits this sum to FIRS.

Does the levy apply to every transfer made?

No, charges apply to all electronic inflows of ₦10,000 or more except when the electronic inflow is between Moniepoint accounts owned by the same user.

Source: Official Moniepoint MFB

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