The federal government has started deducting the N50 electronic transfer levy (EMTL) from transactions of N10,000 and over made by fintech firm users.
Some fintech companies affected are Opay, Moniepoint, Palmpay, Kuda Bank, and other digital payment platforms.
The government introduced the EMTL under the 2020 Finance Act.
Recall that the levy was scheduled to begin on September 9, 2024.
Charging the EMTL on transactions on fintech platforms was met with opposition from Nigerians with groups, including the National Association of Nigerian Students (NANS).
NANS asked the government to reverse the plan.
Fintech companies like Opay have sent notices to users explaining that the Nigerian government imposed the levy and not the fintech companies.
Opay said: “It is important to note that Opay does not benefit from this charge in any way as it is directed entirely by the federal government.”
“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1, 2024,” the message reads.
