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Home Business & Finance

FG To Impose Levy On Fintech Transactions

Nnaemeka OkwarabyNnaemeka Okwara
September 10, 2024
in Business & Finance
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FG To Impose Levy On Fintech Transactions
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The Nigerian government has decided to charge a fee of N50 for electronic transactions of N10,000 or more, starting from September 9, 2024. This decision is meant to bring in more money from the fintech industry, which handled transactions worth N46.91 trillion in 2023.

The fee, called the Electronic Money Transfer Levy (EMTL), will apply to transactions done through fintech companies like Opay, Palmpay, and Moniepoint. These companies have already told their customers about the upcoming fee, which follows rules set by the Federal Inland Revenue Service (FIRS).

The EMTL was added to the Finance Act in 2020 and is expected to bring in N157.59 billion for the government in 2024. The money from this fee will be shared between the federal, state, and local governments. This move is seen as a way to benefit from the increasing number of electronic transactions in the country.

Experts think this change will make more transactions subject to the EMTL purview, potentially increasing government revenue. However, some experts warn that the move may negatively impact neobanks, whose appeal lies in their low or zero transfer fees.

Tags: federal characterFG To Impose Levy On Fintech TransactionsFinanceFintechgovernmentNewsNigeria
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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