Despite complaints by bank customers over excessive charges by banks, the Federal Government has approved the payment of Electronic Money Transfer Levy (EMTL) for all foreign currency (FCY) transactions.
In recent years, customers of the deposit money banks (DMBs) and other financial institutions (OFIs) had been lamenting over sundry charges being imposed on them and majority of them don’t get any refund of such charges which, in some cases, are illegal.
Indications that the EMTL on FX transactions had been approved by the monetary and fiscal authorities emerged on Wednesday when a tier one bank sent a message to the effect to its customers.
The lender stated: “In line with our promise to always keep you informed on services, we would like to bring to your attention a recent directive from the Federal Inland Revenue Service (FIRS).”
This implies that Federal Inland Revenue Service (FIRS) has now authorized the DMBs to implement the EMTL on FCY transactions.
It would be The federal revenue service provider had previously introduced a stamp duty charge of N50 on electronic deposits of N10,000 and above made to all Naira-denominated accounts. This charge will now be extended to FCY deposits equivalent to N10,000 and above.
A fee of N50, equivalent in the value of the foreign currency received will be deducted from your bank account when you receive foreign currency equivalent to N10,000 and above. Arrears from January 2021 to the last week of December 2023 will be also be deducted as mandated by FIRS.
We appreciate your understanding and remain committed to providing you with quality solutions and excellent service.”
