• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, July 7, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Banks Extend Electronic Transfer Levy To Domiciliary Accounts

by Kingsley Okoh
2 years ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

 

Advertisement

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

Recall that banks are already 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, Zainab Ahmed.

RELATED

Aviation Fuel Soars To N1,315/Litre Despite Oil Price Dip

Aviation Fuel Soars To N1,315/Litre Despite Oil Price Dip

9 minutes ago
Naira Seen Gaining Ground As Forex Liquidity Improves – Analysts

Naira Seen Gaining Ground As Forex Liquidity Improves – Analysts

13 minutes ago

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).

By implication, this means customers with a dollar or pound account will 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.”

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.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


SendShareTweetShare
Previous Post

Sofri Rewards Customers With N1m

Next Post

NGX Group Reports N7.5bn Gross Earnings In 2022

Kingsley Okoh

Kingsley Okoh

You May Like

Aviation Fuel Soars To N1,315/Litre Despite Oil Price Dip
Business

Aviation Fuel Soars To N1,315/Litre Despite Oil Price Dip

2025/07/07
Naira Seen Gaining Ground As Forex Liquidity Improves – Analysts
Business

Naira Seen Gaining Ground As Forex Liquidity Improves – Analysts

2025/07/07
Lasaco Assurance Attains ISO/IEC 27001:2022 Certification
Business

Lasaco Assurance To Partner FG On Agric, Food Security

2025/07/07
Bridging Africa’s Tech Skills Gap: Heirs Technologies i-Academy Graduates 100
Business

Bridging Africa’s Tech Skills Gap: Heirs Technologies i-Academy Graduates 100

2025/07/07
9 States Receive N670.55bn 13% Oil Derivation Funds in 5 Months
Business

9 States Receive N670.55bn 13% Oil Derivation Funds in 5 Months

2025/07/07
Zenith Bank Finalises Plans For N290bn Rights Issue, Public Offer
Business

Zenith Bank, 12 Others Raise N1.899trn From New Share Listings

2025/07/07
Leadership Conference advertisement

LATEST

Club World Cup: Mbappé Stunner Sets Up Real Madrid Vs PSG Semi-final Showdown

‘Only Djokovic, Sinner Can Stop Alcaraz From Winning Wimbledon’

West Ham Reject Tottenham’s £50m Bid For Kudus

Aviation Fuel Soars To N1,315/Litre Despite Oil Price Dip

Naira Seen Gaining Ground As Forex Liquidity Improves – Analysts

After 40 Years Rule, 80-yr-old Museveni Bids To Remain In Power

Lasaco Assurance To Partner FG On Agric, Food Security

Bridging Africa’s Tech Skills Gap: Heirs Technologies i-Academy Graduates 100

9 States Receive N670.55bn 13% Oil Derivation Funds in 5 Months

Zenith Bank, 12 Others Raise N1.899trn From New Share Listings

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.