BREAKING: FG enforces N50 levy on electronic transfers from Moniepoint, Opay, others

The Federal Government has officially commenced the deduction of a N50 Electronic Money Transfer Levy (EMTL) on financial transactions of N10,000 and above through Fintech platforms such as Opay, Moniepoint, and Kuda.

Introduced under the Finance Act 2020, the EMTL mandates a one-off levy of N50 on recipients of electronic transfers exceeding N10,000. Initially set to take effect from September 9, 2024, the levy faced significant opposition from groups, including the National Association of Nigerian Students (NANS), who called for its reversal.

Despite the pushback, the levy’s implementation began on December 1, 2024. Fintech companies, including Opay and Moniepoint, have notified their customers of the deductions.

Opay clarified in a message that it collects the levy on behalf of the Federal Inland Revenue Service (FIRS) and does not benefit from it:

“Please be informed that starting December 1, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above in compliance with FIRS regulations.”

Moniepoint also echoed this, emphasizing its role in collecting and remitting the levy to the FIRS.

The levy, aimed at boosting government revenue, has drawn criticism from Nigerians concerned about the financial burden on citizens amidst rising living costs.