Nigerian Banks Collect Over N133bn From Transfer Levy in 2024

Nigerian banks have collected a total of N133.89 billion as Electronic Money Transfer Levy (EMTL) from January to August 2024. This amount is 76% of the government’s target for the year, which was N175.11 billion.

The information was revealed in the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).

The EMTL is a N50 charge imposed on every electronic money transfer of N10,000 or more. Banks collect this fee on behalf of the government and send it to the Federal Inland Revenue Service (FIRS).

The government plans to raise more money from this levy in 2025, setting a new target of N228.85 billion, which is a 31% increase from this year’s goal.

In a change that ends free services previously offered by some fintech companies, the N50 fee will now apply to all transactions of N10,000 and above.

The new rule was introduced after a directive from the FIRS.

READ ALSO: FG Directs Banks and Fintechs to Begin N50 Deduction on Transfers from Today

The money collected from the levy is shared among the three levels of government. The Federal Government gets 15%, while state governments receive 50%, and local governments take 35%.

Since January 2024, the government has also directed banks to charge the levy on foreign currency transactions, widening its reach.

A senior FIRS official said, “The expansion of the EMTL to fintech platforms will help us increase government revenue. This is part of our effort to make sure all digital money transfers contribute to national revenue.”