PoS operators insist on court ruling amid CAC threats

Fintech firms begin N50 EMTL deduction

Point of Sale (PoS) operators, under the aegis of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), have insisted on court interpretation and ruling amid the threat of clampdown by the Corporate Affairs Commission (CAC).

He said, “The case is still in court. The CAC is yet to make an appearance. We were surprised to see their notice, threats and saying they will use every legal means. They are also contravening the legality of a court by that statement. We wait to see what their reactions will be. We even see a contempt of court for them trying to do something against what the earlier court has said.
  
“Our prayer is for them to stay execution. We have taken an interlocutory injunction, where the real prayer is now determined to the effect that the CBN policy recognises individual and non-individuals becoming an agent. CAMA also recognises, in the Nigerian context, that an individual and non-individual can do business. For an individual, there is no legal constraint that you must necessarily register a business. We have agents that fall under that category. They are not forced to register. PoS operators are not the only ones in the country, who are doing business in their names. There are so many others, who are even more sensitive than PoS agents.  There is no other thing we need to register an agent that has not been done. They have a bank account, Bank Verification Number (BVN), National Identification Number (NIN) and others.”

MEANWHILE, fintech companies, will from September 9, start the deduction of N50 Electronic Money Transfer Levy (EMTL) from every inflow of N10,000 and above received by their customers.
  
The fintech companies said the deduction was following the Federal Inland Revenue Service (FIRS) directive. In a short notification to its customers on Saturday, Moniepoint wrote: “N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024. Your BRM is available to answer questions you might have.”
  
On its part, OPay clarified to its customers that the deduction is for EMTL as directed by the Federal Government.
  
“Please be informed that starting from September 9, 2024, a one-time fee 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 to the Federal Government,” the company wrote.