FG has begun implementing N50 levy on Electric transaction N10,000 and above

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The Federal Government of Nigeria has begun implementing the Electronic Money Transfer Levy (EMTL), which imposes a N50 charge on electronic transactions of N10,000 and above. This levy applies to inflows received by individuals and businesses through financial technology (Fintech) platforms such as Opay, Moniepoint, and Kuda. The levy, introduced under the Finance Act 2020, was earlier announced to start on September 9, 2024, but its implementation began on December 1, 2024

What is EMTL?
The levy is a one-time charge of N50 on the recipient of electronic transfers or receipts of N10,000 or more. It is mandated by the Federal Inland Revenue Service (FIRS) and collected by financial service providers on behalf of the government.
Purpose:
The EMTL is aimed at generating revenue for the government, categorized under stamp duties.
Public Reaction:
The levy has been met with criticism, with organizations such as the National Association of Nigerian Students (NANS) urging the government to reverse it, citing economic hardship on citizens.
Fintech companies, including Opay and Moniepoint, have communicated that they are required to collect the levy but do not benefit from it. The charge is entirely remitted to the FIRS.
Effective December 1, 2024, fintech platforms have started deducting the N50 charge for qualifying transactions.
The deductions apply to personal and business accounts receiving inflows.

The move has sparked debate over its timing and impact, particularly amidst economic challenges faced by Nigerians.

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