Revenue generated from the Electronic Money Transfer Levy (EMTL) rose by 107% to N31.2 billion in December 2024, up from N15.046 billion recorded in November 2024.
This growth followed the Federal Government’s decision to extend the levy to fintech platforms.
On December 1, 2024, the Federal Government mandated fintech companies such as PalmPay, OPay, Moniepoint, and others to implement the levy on transactions of N10,000 and above.
Previously, customers of some fintech platforms had enjoyed 100% free transactions. However, the introduction of the EMTL marked the end of that era.
OPay, in a notice seen by Investors King, explained “It is important to note that OPay does not benefit from this charge in any way as it is directed entirely to the Federal Government.”
The extension of EMTL to fintech platforms is undoubtedly part of the government’s broader efforts to shore up revenue—a strategy that appears to be yielding results, as indicated by the December revenue growth.
The Electronic Money Transfer Levy (EMTL) is a N50 charge applied to electronic money transfers or receipts of N10,000 and above through Nigerian-licensed banks or financial institutions with certain exceptions.
It is worth recalling that the EMTL was introduced in the Finance Act 2020 to encourage the growth of electronic funds transfers in Nigeria.
