Deposit Money Banks in the Federal Capital Territory (FCT) have increased their maximum over-the-counter withdrawal limit to N50,000 per day.
This move comes after a survey conducted by our correspondent on Tuesday revealed that several banks, including Guaranty Trust Bank (GTBank) and Zenith Bank, had raised the withdrawal limit from N5,000, which was in place last month.
At the GTBank branch located along the airport road, customers were allowed to withdraw N50,000 over the counter, while the limit at its Automated Teller Machines (ATMs) was set at N20,000. An official at the branch explained that the increase in the withdrawal limit was due to a better supply of cash, stating, “We now have more cash and that is why we are giving out more money. Simple.”
Similarly, NaijaTimesUSA has earlier reported that the federal government has officially begun the deduction of the N50 Electronic Money Transfer Levy (EMTL) from transactions of N10,000 and above, processed by users of financial technology (Fintech) companies such as Opay, Moniepoint, Kuda, and others.
The levy, introduced under the Finance Act 2020, applies to recipients of electronic transfers of N10,000 or more and was set to be implemented from September 9, 2024. However, its commencement was delayed until December 1, 2024.
The N50 levy is a one-time charge on any electronic receipt or transfer of N10,000 and above and is aimed at improving the government’s revenue collection from electronic transactions. The levy is directly imposed by the Federal Inland Revenue Service (FIRS), and the fintech companies, including Opay and Moniepoint, have clarified that they do not benefit from the charges.
Opay has sent notice on this new development to all users.
It reads “Please be informed that starting September 9, 2024, a one-time of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service (FIRS) regulations. It is important to note that Opay does not benefit from this charge in any way as it is directed entirely by the federal government,” the company explained.
Another fintech company moniepoint also notified their customers. The notice read, “Dear customer, you will be charged stamp duty of N50 on inflows of N10,000 and above. Moniepoint collects and remits this on behalf and to FIRS.”
