Nigerians Struggle with High Electronic Money Transfer Levy in July 2025
Nigerians faced increased financial burden due to the Electronic Money Transfer Levy (EMTL) in July 2025, with proceeds reaching a high of billions. The EMTL, a government levy on electronic fund transfers, saw a significant rise compared to the previous year.
The levy applies to transactions conducted via mobile money, internet banking, and electronic payment methods, with a charge of N50 per transfer. The government expanded the scope of the levy in August 2024 to include more transactions, contributing to the revenue increase.
Plus234Feed summary based on reporting from The Will. Read the original report below.
Read full article
Continue on The Will
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigeria's EMTL Fund Surges by 181.2% in July 2025, Reflecting Digital Financial Growth
Nigerians Struggle as Living Costs Soar: Citizens Groan Under Heavy Levies
Nigerian Fintechs Transform Financial Services with Record Electronic Payments
CBN to Boost Financial Inclusion with eNaira, Alternative Payment Channels
Currency Outside Banks Tapers to N4.49trn, Now 90% of Cash in Circulation
CBN Gives Banks Deadline To Migrate to ISO 20022, Mandatory Geo-Tagging of Payment Terminals
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
