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OPAY, MONIEPOINT, OTHERS BEGINS DEDUCTION OF ELECTRONIC TRANSFER FEE FROM TOMORROW

Fintech companies, including OPay, Moniepoint and others, have announced plans to begin deduction of N50 Electronic Money Transfer Levy (EMTL) from transactions of N10,000 and above with effect from tomorrow, September 9th .This deduction followed a directive by the Federal Inland Revenue Service (FIRS).The mandatory deduction will bring an end to the era of free banking services provided by fintechs, though the…

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