The federal government has officially launched the N50 Electronic Money Transfer Levy (EMTL) on transactions of N10,000 and above conducted via financial technology (Fintech) platforms such as Opay, Moniepoint, Kuda, and others.
The EMTL, introduced under the Finance Act 2020, mandates a one-off levy of N50 on recipients of any electronic transfer or receipt of N10,000 or more.
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This levy, which was announced to take effect from September 9, aims to generate additional revenue for the government.
However, the implementation of the EMTL has sparked backlash across the country, with several groups, including the National Association of Nigerian Students (NANS), urging the federal government to reconsider or reverse its decision. Critics argue that the levy adds an unnecessary financial burden to Nigerians.
In a notice to its customers earlier in September, Opay clarified that the levy was imposed by the Federal Inland Revenue Service (FIRS) and emphasized that the company itself does not benefit from the fee.
The fintech platform explained that it is merely acting as an intermediary for the levy collection process.
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