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Point of Sale (POS) operators have voiced concerns over the implementation of the Electronic Money Transfer Levy (EMTL), stating that the levy has negatively impacted their profit margins from customer transaction fees.
Effective Monday, the new policy imposes a ₦50 charge on transfers above ₦10,000 made through fintech accounts, in line with similar charges already applied by Deposit Money Banks (DMBs).
Before this levy, POS attendants typically charged ₦100 for transactions under ₦5,000 and ₦200 for transactions up to ₦10,000. However, with the introduction of the EMTL, many operators are now considering increasing these fees to offset their reduced profits.
Kingsley Aziha, a POS operator using Palmpay, expressed frustration, citing the levy as a major reason for his declining profit margins. “We charge ₦100 per transaction but now, with the new levy, we may need to ask customers to pay ₦120 or ₦150,” he said, urging the government to reduce the tax burden.
Similarly, Awele Okafor, who uses Moniepoint and Firstmonie, noted that Moniepoint had already increased its tariffs, though she remains unsure about whether Firstmonie will follow suit. She remarked, “It’s becoming costly for customers when they transfer funds to me, and I hope the government reconsiders this tariff.”
However, Ebenezer Adeyi, a POS operator using Opay, stated that he remains unaffected by the changes, praising Opay for not imposing arbitrary deductions. “Opay is fair in their deductions compared to other service providers,” he commented.
Prof. Adebayo Adams, Chairman of the National Association of Small and Medium Enterprises (NASME), condemned the levy, arguing that small businesses, already facing numerous challenges, cannot survive with this added financial burden. “This policy is not friendly to small businesses or the masses. Charging both the sender and the receiver for transfers is unfair,” he said.
Many POS operators are calling on the government to reconsider the EMTL policy, as it disproportionately affects small businesses and customers who rely on their services for everyday transactions.
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