Nigeria’s Federal Inland Revenue Service (FIRS) will implement an electronic money transfer levy of NGN 50 on transfers of NGN 10,000 and above, starting 9 September 2024.
Introduced in the Finance Act 2020 and regulated in late 2021, the levy applies to personal and business account transfers. As per the regulations, the collection and remittance of the levies will be performed by the receiving banks.
The levy for transfers in other currencies is based on the Central Bank of Nigeria’s exchange rates.
Zainab Shamsuna Ahmed, Nigeria’s Minister of Finance, Budget, and National Planning, has recently signed the Electronic Money Transfer Levy Regulations, 2022 (the Regulations). The Regulations provide guidance on the imposition, administration, collection, and remittance of the Electronic Money Transfer Levy established by the Finance Act 2020.
