Opay, Moniepoint Users to Pay NGN 50 Levy on Transactions Over NGN 10K The Federal Government of Nigeria (FGN) has kicked off the Electronic Money Transfer Levy (EMTL), applying a NGN 50 (USD 0.6 Cents) charge on digital transactions of NGN 10 K (~USD 6) and above. The levy, which started implementation by fintech companies on December 1, 2024, is directed at recipients of such transfers through platforms like OPay, Moniepoint Nigeria and Kuda - most of whom have offered free transaction fees before now. This comes after the levy was initially announced to take effect in September per messages sent by Fintech companies to their customers at the time, but faced delays due to opposition from various groups. The levy, introduced under the Finance Act 2020, is aimed at increasing government revenue by taxing electronic transactions. The FGN claims it is part of a broader strategy to enhance transparency and improve fiscal sustainability, given the growing volume of digital payments. As fintech adoption surges, the government expects the levy to contribute significantly to national revenue. In 2023, mobile money operators processed NGN 46.91 T (~USD 28 M), highlighting the potential impact of this new levy. #NIgeria #Fintech #DigitalPayments #FinanceAct2020 #NigeriaEconomy #EMTL
