Customers of banks who have been reeling under the burden of different charges and levies are to brace for more as the federal government has extended Electronic Money Transfer Levy (EMTL) to foreign currency transactions.
With most elite opting for foreign education for their children and wards and medical tourism continously on the rise, more funds are exoected to come into the coffers of the federal government.
But complaint by most customers is the fact that the development has not in any way improved quality of customer service by the banks as poor service delivery and down-time experiences have become hallmarks of most of the deposit money banks.
More worrisome is news of alleged corruption that seems to have filtered away our common patrimony by few privileged elite either as elected or appointed government officials as well as among civil service .
Consequently, customers and consumers are not only gradually losing their hard earned deposits that are earning little or no interest at all, but also traumatized by depletion to instant, daily and monthly levies and deductions by financial institutions.
In one of the messages by a tier one bank to its customers on Wednesday, it stated that,
“In line with our promise to always keep you informed on services, we would like to bring to your attention a recent directive from the Federal Inland Revenue Service (FIRS).
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The Federal Inland Revenue Service (FIRS) has mandated all Commercial Banks to implement the Electronic Money Transfer Levy (EMTL) on foreign currency (FCY) transactions. FIRS had previously introduced a stamp duty charge of N50 on electronic deposits of N10,000 and above made to all Naira-denominated accounts. This charge will now be extended to FCY deposits equivalent to N10,000 and above.
A fee of N50, equivalent in the value of the foreign currency received will be deducted from your bank account when you receive foreign currency equivalent to N10,000 and above. Arrears from January 2021 to the last week of December 2023 will be also be deducted as mandated by FIRS.
We appreciate your understanding and remain committed to providing you with quality solutions and excellent service.”