Guaranty Trust Bank (GTB) has commenced Electronic Money Transfer Levy (ETML) of 50 Naira on all international transactions of 10,000 Naira.
This was communicated via a notice sent by the bank to its customers yesterday.
The notice stated that the transaction fee came about after the directive from the Federal Inland Revenue Service (FIRS) mandating a charge of the stamp duty on foreign electronic deposits of N10,000.
The notice reads: “Dear Customer, You may recall that the Federal Inland Revenue Service (FIRS) mandated a charge of N50 as stamp duty on electronic deposits of N10,000 and above made to all Naira-denominated accounts. Please note that the stamp duty charge extends to foreign currency deposits equivalent to N10,000 and above.”
“This means that when you receive foreign currency equivalent to N10,000 and above in your account, a fee of N50 in the value of the foreign currency received will be charged to your bank account.”
“This is in line with the recent directive to Banks concerning the deduction of Electronic Money Transfer Levy (EMTL) on foreign currency inflows.”
Revenue derived from the EMTL is shared among the three tiers of government by the federal accounts allocation committee (FAAC).
AAN recalls that Union Bank also announced the implementation of the ETML charges in December 2023.
