The Federal Government of Nigeria has introduced a mandatory N50 Electronic Money Transfer Levy (EMTL) on fintech platforms, including Opay and Moniepoint for transactions of ₦10,000 and above.
This new levy, implemented under the Finance Act 2020, had previously only applied to traditional bank account transfers, and has now been extended to fintech users.
The fintech companies have clarified that they do not benefit from this fee, as the levy, a one-time charge on each eligible transfer is directed entirely to the government. The policy, aimed at diversifying Nigeria’s revenue streams, has drawn criticism from users who were initially attracted to fintech platforms for their cost-efficiency and reliability. Against traditional banks which many have said are riddled with high transaction fees, delayed reversal and a host of other issues.
This measure follows broader government efforts to address fiscal challenges and finance public projects. However, it adds to the financial burden of Nigerians already facing economic pressures.
