The Nigerian government is set to increase revenue from the Electronic Money Transfer Levy (EMTL) to N230 billion by 2025. The introduction of this levy on transactions exceeding N10,000 is expected to aid in achieving this goal.
E-Levy Revenue Projections
According to the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper, the Nigerian government projects EMTL revenues of N265 billion for 2026 and N305 billion for 2027, totaling an estimated N800 billion.
Extension to Fintech Platforms
Starting from December 2024, a levy of N50 will be charged on all financial transactions exceeding N10,000 conducted on fintech platforms like Opay, Moniepoint, and Palmpay. Previously, this charge applied only to customers of commercial banks, aiming to level the playing field between traditional banks and fintech companies.
Company Reactions and Changes
Fintech companies like Opay, Moniepoint, and Palmpay have notified their customers about the new levy. Moniepoint announced that it will charge a N50 levy and remit it to the FIRS. Opay also clarified compliance with this requirement starting December 1, 2024.
With the projected increase in revenues from the EMTL, this levy becomes a critical component of Nigeria’s fiscal strategy for 2025-2027. The inclusion of fintech companies in the tax net may play a significant role in achieving these revenue forecasts.
