Nigerians will now pay a ₦50 Electronic Money Transfer Levy (EMTL) on all electronic transfers of ₦10,000 and above, starting today, December 1. This directive, enforced by the Federal Government, stems from the Finance Act of 2020 but now applies to a broader range of financial institutions, including mobile money platforms like Moniepoint, OPay, Palmpay, and Paga.
The Federal Inland Revenue Service (FIRS) has clarified that while the levy targets all qualifying electronic inflows, there are exemptions. Transactions under ₦10,000, payments into personal accounts, and transfers between accounts owned by the same individual within the same bank are exempt.
Financial service providers have already begun notifying their customers. Moniepoint, in its message to users, stated:
> "Dear Customer, please be informed that in compliance with the Federal Government Stamp Duty Act, you will be charged an Electronic Money Transfer Levy (EMTL) of ₦50 by the Federal Inland Revenue Service (FIRS) on any electronic inflow of ₦10,000 and above."
Similarly, OPay reassured users that the levy is remitted entirely to the government.
> "Please be informed that starting December 1, a one-time fee of ₦50 will be applied to electronic transfers of ₦10,000 and above," OPay noted. "OPay does not benefit from this charge in any way as it is directed entirely to the Federal Government."
The government has outlined a revenue-sharing plan for the proceeds: 15% to the federal government, 50% to state governments, and 35% to local governments.
The policy has elicited mixed reactions nationwide, with many Nigerians voicing concerns about the rising costs of financial transactions in an already challenging economy. While authorities justify the levy as a means to bolster public revenue, citizens and stakeholders are watching closely to ensure accountability in its utilization.
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