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Banks extend electronic transfer levy to domiciliary accounts

Commercial banks in the country extended the deduction of N50 electronic money transfer levy (EMTL) to transfers into domiciliary accounts.

Recall that banks had been making the EMTL deduction on transfers into domestic bank accounts.

While other banks may or may not have started deducting this levy, Stanbic IBTC Bank, is the first to notify its customers.

In a notice to customers, the bank said the new levy would take immediate effect following the EMTL regulation issued by Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed.

According to Stanbic IBTC, customer with domiciliary accounts would be charged an equivalent of N50 as EMTL at an exchange rate determined by the Central Bank of Nigeria (CBN).

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By implication, this means customers with a dollar or pound account would be charged an equivalent fee of N50 for inflows.

“We write to notify you of recent changes impacting electronic money transfer transactions,” the financial institution said in the email.

“The electronic money transfer levy (EMTL) regulation was recently issued by the honorable minister of finance, budget, and national planning.

“Based on the regulation, the EMTL levy at the foreign currency equivalent of N50 is now applicable on the transfer of funds into domiciliary accounts.

“The exchange rate determined by the Central Bank of Nigeria shall be the applicable conversion rate.

“In view of the above, please note EMTL shall apply to qualifying inflows into domiciliary accounts with immediate effect.”

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In December 2022, the finance minister signed the EMTL regulations into law.

The regulations provide for a singular and one-off levy of N50 on the recipient of any electronic receipts or transfers of 10,000 or above.

For equivalent receipts or transfers carried out in other currencies, the levy will be charged at the exchange rates determined by the CBN.

The regulations were issued to provide guidance for the imposition, administration, collection, and remittance of the EMTL introduced by the finance act of 2020.