FG Imposes N50 Transfer Levy on Opay.

The Federal Government of Nigeria has introduced a N50 Electronic Money Transfer Levy (EMTL) on electronic transactions of N10,000 and above, affecting platforms like Opay, Moniepoint, and other fintech companies. This levy, which is set to commence from September 9, 2024, applies to inflows received by customers of these services. This decision aligns with the regulations set by the Federal Inland Revenue Service (FIRS) aimed at generating revenue from electronic transactions. The introduction of this fee has sparked discussions among Nigerians, with sentiments ranging from criticism over the potential burden on citizens to acknowledgment of the government’s revenue generation efforts through digital transactions.