The Federal Government of Nigeria has officially started implementing the ₦50 Electronic Money Transfer Levy (EMTL) on transactions of ₦10,000 and above, affecting users of fintech platforms such as Opay, Moniepoint, and Kuda.
The levy, introduced under the Finance Act 2020, mandates a one-time charge of ₦50 on recipients of electronic transfers. Initially set to begin in September 2024, its implementation faced delays due to public opposition, including protests from the National Association of Nigerian Students (NANS).
Fintech Companies Respond
Opay and Moniepoint, among others, informed their users on December 1, 2024, that the deductions had commenced. Opay clarified that the levy is directed entirely by the Federal Inland Revenue Service (FIRS) and does not benefit the company. Similarly, Moniepoint stated it collects and remits the levy on behalf of the FIRS.
Opposition to the Levy
The EMTL has been criticized by various groups, including NANS, which called for its reversal, citing the financial burden on Nigerians already grappling with economic challenges.
