Nigeria nets ₦84.97 billion in six months after extending transfer levy to fintechs
- Kemi Michael learned to avoid extra charges by sending ₦9,500 instead of ₦10,000 to her PoS agent.
- The EMTL increased government revenue by ₦84.97 billion after being extended to fintechs in December 2024.
- Fintech revenue from EMTL reached ₦185.86 billion between December 2024 and May 2025, an 84.22% rise from the previous year.
The implementation of the EMTL on fintechs reflects a strategic move by the Nigerian government to diversify revenue sources, but it raises concerns about the potential impact on user behavior and financial inclusion. The challenge remains to balance tax revenue generation with the need to support small transactions that are crucial for many Nigerians.
