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The Federal Government has commenced the deduction of a N50 electronic levy on transactions of ₦10,000 and above, affecting users of financial technology platforms such as Opay, Moniepoint, Kuda, and others.
This levy, known as the Electronic Money Transfer Levy (EMTL), was introduced under the Finance Act of 2020. It imposes a one-time charge of ₦50 on the recipient of any electronic transfer or receipt of ₦10,000 or more. While initially announced to take effect from September 9, 2024, its full implementation began on December 1, 2024.
The EMTL has faced strong opposition from Nigerians, with groups such as the National Association of Nigerian Students (NANS) urging the government to reconsider the policy.
In a notification to customers earlier in September, Opay clarified that the levy was mandated by the Federal Inland Revenue Service (FIRS) and emphasized that the platform does not benefit from the charge.
“Starting September 9, 2024, a one-time ₦50 charge will be applied to electronic transfers of ₦10,000 and above into your personal or business account, in compliance with FIRS regulations. Opay does not benefit from this charge, which is directed entirely to the federal government,” the company stated.
In a recent update shared on Saturday, Opay announced that deductions under the EMTL would officially begin on December 1, 2024. A message to users read:
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024.”
Similarly, Moniepoint also notified its customers of the commencement of the levy, explaining that it acts as a collection agent for the FIRS.
“Dear customer, you will be charged a stamp duty of ₦50 on inflows of ₦10,000 and above. Moniepoint collects and remits this on behalf of the FIRS,” the company said.
Reports confirm that fintech platforms have now begun deducting the ₦50 EMTL from qualifying transactions, remitting the funds directly to the Federal Government.
