Ecobank Nigeria has issued notice to its customers on the enforcement of the new transfer levy introduced by the government.
In a message to its customers, the bank said “In line with the Federal Government’s Money Transfer Levy (EMTL) Regulations signed into law on the 15th of June 2022, a levy of N50.00 applies to recipients for each electronic transfer or deposit of N10,000 or more. Additionally, the Federal Inland Revenue Service (FIRS) has directed all deposit money banks to implement the Electronic Money Transfer Levy (EMTL) on foreign currency deposits since January 2021.
What does this mean for you as our esteemed customer, and how are we, as your bank, ensuring compliance?
In alignment with the regulatory directives, we will be implementing a charge of Fifty Naira (N50.00) on every foreign currency transfer and deposit equivalent to N10,000 and above, starting from 1 January 2024. This is to ensure immediate adherence to the law and the guidance provided by the tax authorities.
Furthermore, there will be an Electronic Money Transfer Levy (EMTL) charge on eligible transactions credited to your account from 15 June 2022 to 31 December 2023. It is important to note that these charges are not retained by Ecobank; instead, they will be remitted fully to the FIRS.
“Our commitment remains unwavering in delivering excellent services to you, our valued customer while ensuring strict compliance with all regulatory requirements. We appreciate your understanding and continued patronage.
