Ways to avoid banks 50 naira electronic money transfer levy in Nigeria (Reasons, Solutions and Benefits)
It’s no longer news that all Nigerian normally receives this irritating SMS from banks showing you 50 naira deduction.
Alot of people have changed banks to see if this excruciating pains of 50 naira deduction can stop but all to no avail.
So what do we do now that banks that supposed to pay of interest is now after the little money we’re trying to save?
Without missing words, we will be unveiling to you the meaning of electronic money transfer level accross banks.
Why it’s elvolve and possible avenue to navigate your way on this subject matter.
Dear readers,
Let’s jump in proper in today’s article…
Introduction | Banks electronic money transfer level (EMTL)
What is electronic money transfer levy (50 naira deduction)
My country people, you may recall that the Federal Inland Revenue Service (FIRS) gave this ultimatum that’s trending.
Yes, the inching mandated charge of N50 as stamp duty on electronic deposits of N10,000 and above.
Deposit of 10,000 and above made to all Naira-denominated accounts are to be deducted asap without fail.
Therefore, note that the banks stamp duty charge extends to foreign currency deposits equivalent to N10,000 and above respectively, be it as it may.
So, this basically means that when you receive foreign currency equivalent to N10,000 and above in your local bank account, you’re to comply.
Which means that a fee of N50 in the value of the foreign currency received will be charged to your bank account.
However, this is in line with the current directive to Nigerian banks concerning the deduction of Electronic Money Transfer Levy (EMTL) on foreign currency inflows, (money that hits or enters bank account).
Above all, we want to thank you for choosing Nigeria banks like Guaranty Trust Bank Ltd and Union bank.
Overview of electronic money transfer level CBN | All you need to know
Who owns this electronic money transfer level and where does it go to and who regulates it as well?
Just as people are anxious to know, the regulations provide for a singular (individual) and one-off levy of ₦50 on the recipient of any electronic receipts or transfers of ₦10,000 or above, be it as it may.
Therefore, be aware that, for all the equivalent receipts or transfers executed in other currencies, the levy will be charged at the exchange rates determined by the apex bank in Nigeria (Central Bank of Nigeria).
Domiciliary account electronic transfer level implementation
All banks in Nigeria, in the like likes of Guaranty Trust Bank (GTB), Union Bank and others are not joking with this update.
In short commercial banks in Nigeria has begun the deduction of the appreciable sum of N50 for all international transactions.
However, this deduction is basically bearing electronic money transfer levy, which is for any inflow from 10, 000.
This simply means that if some one sends you money in your dollar account banks charges you 50 or its equivalent on that account.
How to stop electronic money transfer levy
Change account officers and banks very often is not the way to stop electronic money transfer levy in nigeria.
Just as we keep seeing people flooding bank to open account saying that they have had enough of 50 naira deduction.
Here is the step by step guide on how to avoid or stop electronic money transfer levy;
Step one: Go for deposit control
A lot will still ask “what is deposit control and can de do it on there own”
Well, deposit control simply means you being in charge of the inflow that hits your bank account.
So you can tell people to be sending you money below 10,000 to avoid that 50 naira deduction outrageous charges.
However, this is not ideal for business men and women that are already transacting in millions.
But this is best for small transaction customers who just want to get the money in the account and withdraw asap.
Step two: Patronize Fintechs
These is a virgin land that almost every one is venturing into because they are just beyond banking.
Yes, they are taking over banking activities, some of them are making waves already such as Opay, Palmpay Moniepoint and the rest.
They have redefined the general bank services (money lodgement and withdraw) with regards to point of sale (POS).
In fact, they give better loans with lesser interest just as banks do on day to day activities (making life easier and simpler).
They also make it easier for you to collect huge amounts of loans with less interest rate compared with other banks.
Is it in the aspect of POS usage?
They’re best in POS agencies and merchants, be it as it may.
Fintechs are really doing the impossible when it comes to alternative banking and general banking services.
Conclusion: Electronic Money Transfer Levy CBN.
Importantly, hope you’re able to learn all about 50N electronic transfer levy accross banks.
However, this is to bring to your awareness that for every ten thousand naira (10000) that enters your account banks removes 50naira.
So, it’s advisable for you to be aware of this peculiar exercise in the banking sector, which Union Bank is not joking with.
If you still have questions and clarity endeavor to let us know that’s why we’re here for you.
Thanks for making your research on electronic transfer levy through smart banking guides.