The Nigerian government has started deducting N50 electronic levy on transactions of N10,000 and above made through financial technology (Fintech) companies, including Opay, Moniepoint, and Kuda. This move is part of the Electronic Money Transfer Levy (EMTL) introduced under the Finance Act 2020.
The EMTL imposes a one-off levy of N50 on the recipient of any electronic receipt or transfer of N10,000 or above. Initially scheduled to take effect from September 9, 2024, the implementation was delayed until December 1, 2024, following public opposition.
Fintech companies have notified their customers about the commencement of the N50 EMTL deduction. Opay and Moniepoint have sent messages to their users, explaining that the electronic levy deduction has begun. The levy will be remitted to the Federal Inland Revenue Service (FIRS).
The introduction of the EMTL has sparked concerns among Nigerians, with various groups, including the National Association of Nigerian Students (NANS), calling on the federal government to reverse its position on the implementation of the levy.
