The Nigerian government has begun deducting N50 electronic levy from transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Opay, Moniepoint, Kuda, and others.
The Electronic Money Transfer Levy (EMTL), established under the Finance Act of 2020, imposes a one-time charge of N50 on individuals receiving any electronic payment or transfer of N10,000 or more and was previously planned to start on September 9.
However, the rollout of the EMTL faced backlash from Nigerians, with numerous groups, including the National Association of Nigerian Students (NANS), urging the Nigerian government to reconsider its decision regarding the implementation of the levy.
“Please be informed that starting September 9, 2024, a one-time of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service (FIRS) regulations.
“It is important to note that Opay does not benefit from this charge in any way as it is directed entirely by the federal government,” Opay explained in its earlier notice.
The fintech firms informed their clients that the application of the N50 EMTL deduction commenced on December 1, 2024.
Opay, in a notification sent to its users on Saturday (which was also shared through its app), clarified that the electronic levy deduction starts on December 1.
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1, 2024,” the message reads.
Moniepoint, in a message sent to its customers on Saturday, indicated that it has started to implement the EMTL charges. It also clarified that the fee will be remitted to the FIRS.
“Dear customer, you will be charged stamp duty of N50%) on inflows of N10,000 and above. Moniepoint collects and remits this on behalf and to FIRS,” Moniepoint says.
