Stanbic IBTC Commences Deduction of N50 e-Transfer Levy From Domiciliary Accounts

Stanbic IBTC Bank has disclosed that it will commence deducting the sum of N50 as electronic money transfer levy (EMTL) transfers into domiciliary accounts.

This was contained in a notification sent to customers through an email.

According to the bank, the new levy would commence immediately following the EMTL regulation issued by the minister of finance, budget, and national planning, Zainab Ahmed.

Zainab Ahmed

It said customers with domiciliary accounts would be charged an equivalent of N50 as EMTL at an exchange rate determined by the Central Bank of Nigeria, CBN.

This implies that N50 equivalent will be deducted for inflows from the account of customers with a dollar or pound account.

The email read, “We write to notify you of recent changes impacting electronic money transfer transactions.

“The electronic money transfer levy (EMTL) regulation was recently issued by the honorable minister of finance, budget, and national planning.

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 “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.”

Recall that the minister of finance had in December 2022 signed the EMTL regulations into law.

The regulations provide for a singular and one-off levy of ₦50 on the recipient of any electronic receipts or transfers of ₦10,000 or above.

The levy will be charged at the exchange rates determined by the CBN for equivalent receipts or transfers carried out in other currencies,

Obiajulu Joel Nwolu

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