EMTL simply means Electronic Money Transfer Levy. This article explains what it means in the OPay app.
Temmy Samuel
What is EMTL for OPay?
The OPAY's Electronic Money Transfer Levy (EMTL) is a tax introduced by the Nigerian government under the Finance Act 2019 to charge a one-time fee (₦50) on every inward transfer that's ₦10,000 or exceed. Meanwhile, EMTL is not only for OPay, it's imposed by the CBN to all financial institutions operating in Nigeria. When it was introduced, the levy was only applied to traditional banks. But in September 9, 2024, CBN extended the levy to fintech platforms like OPay, Moniepoint, PalmPay, Kuda and others. The EMTL was first introduced through the Finance Act 2019, which expanded the scope of dutiable instruments under the Stamp Duties Act (SDA) to include electronic transactions. The levy officially took effect in 2020, following its formal introduction through the Finance Act 2020, which renamed the charge as EMTL. The EMTL Regulations of 2022 solidified the regulation to streamline its administration and collection. Despite that the EMTL was extended to fintech companies in Ni…
About the author
Temmy Samuel
He is a seasoned journalist with extensive experience in consumer tech, economy, finance, business, money and politics. Currently chasing a BSc degree in Accounting.
