Ecobank announces implementation of new charge on customer’s transactions

One of the financial institutions in the country, Ecobank, says it will begin deduction of new charge from its customers accounts in line with the Electronic Money Transfer Levy (EMTL) regulation.

In a notice sent to customers on Friday, a copy which was sighted by News Agency reporter, the bank said it would deduct N50 EMTL charge on each foreign currency transactions that is up to N10,000 and above.

According to the bank, there will also be a mass deduction on eligible transactions credited to customers accounts from 15 June 2022 to 31 December 2023.

The notice read : “Dear Esteemed Customer,

The Federal Government of Nigeria officially enacted the Electronic Money Transfer Levy (EMTL) Regulations into law on the 15th of June 2022

In line with this regulation, 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 providedby 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.”