The Federal Government has officially commenced the deduction of the N50 Electronic Money Transfer Levy (EMTL) from users of financial technology (fintech) platforms, including Opay, Moniepoint, and others. The new levy applies to transactions of N10,000 or more and began on December 1, 2024.

This levy, introduced under the Finance Act 2020, requires a one-time charge of N50 on recipients of electronic transfers of N10,000 or more. Although initially scheduled to start in September, its implementation faced opposition from various groups, including the National Association of Nigerian Students (NANS), who urged the government to reverse the decision. Despite the protests, the charge is now being enforced by the Federal Inland Revenue Service (FIRS).

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Opay notified its users earlier this year that the N50 charge is mandated by the FIRS and clarified that the platform does not benefit from the levy. The fintech company also explained that the charge applies to personal or business accounts receiving amounts over N10,000, in line with government regulations.

Moniepoint also began notifying its customers on December 1, confirming that the N50 EMTL will be deducted from transactions above the N10,000 threshold. The fintech company emphasized that the charges will be remitted directly to the FIRS, ensuring compliance with the federal tax guidelines.