- 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).
