Nigeria nets ₦84.97 billion in six months after extending transfer levy to fintechs

When Kemi Michael, a corporate compère, attempted to transfer money to her usual PoS agent in late 2024, the attendant had a tip for avoiding an extra charge: “Send ₦9,500 instead of ₦10,000 so I don’t have to add ₦50 to the withdrawal fee.”

According to her, it worked for a while but was not sustainable. That ₦50 charge, the Electronic Money Transfer Levy (EMTL), was extended to fintechs like Opay, Palmpay, and Moniepoint in December 2024, and in six months, increased government revenue by ₦84.97 billion, according to Federation Account Allocation Committee (FAAC) data.

https://techcabal.com/2025/08/12/nigeria-nets-%e2%82%a684-97-billion-in-six-months/

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