Nigerian bank customers paid a total of N133.89 billion in electronic money transfer levies to the government between January and August this year, according to the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The levy, N50 per transaction, is deducted by banks on behalf of the government for every transaction of N10,000 and above.
The N133.89 billion collected in eight months accounts for 76% of the government’s 2024 revenue projection from the electronic money transfer levy, which was set at N175.11 billion in the year’s budget.
The government aims to increase revenue from the EMTL next year by extending the levy collection from commercial banks to include transactions on all fintech platforms.
According to the MTEF/FSP document, the government plans to generate N228.85 billion from the EMTL in 2025, marking a 31% increase over the 2024 revenue projection.
In September, fintech companies such as OPay, Moniepoint, PalmPay, and others informed their customers about the introduction of the N50 EMTL deduction on every inflow of N10,000 and above, starting from September 9.
The Electronic Money Transfer Levy is a one-time charge of N50 on electronic money transfers or receipts in Nigeria. It applies to all electronic transfers of funds in Nigerian-licensed banks or financial institutions, with the following exceptions: Transfers under N10,000;
money paid into one’s own account; money transferred electronically between accounts of the same owner within the same bank.
The EMTL was introduced in the Finance Act 2020 to promote the growth of electronic funds transfers in Nigeria. Revenue generated from the levy is shared among the three tiers of government.
