The Federal Government’s decision to impose a N50 Electronic Money Transfer Levy (EMTL) on fintech transactions has drawn criticism from economists, who caution that it could discourage transactions and harm the economy.
The levy will take effect on September 9, 2024, applies to every inflow of N10,000 and above through fintech platforms like OPay and Moniepoint.
Former Chief Economist at Zenith Bank, Marcel Okeke, described the move as ill-timed, warning that it could stifle innovation in Nigeria’s growing fintech sector.
He argued that while the government aims to boost revenue, the levy may have unintended consequences by discouraging the use of digital services, potentially undermining efforts to promote a cashless economy.
Similarly, economist Alias Aliyu criticised the policy as a “desperate move” to increase revenue, stating that the government already benefits from other revenue streams, such as the floating of the naira, fuel subsidy removal, and customs tariffs.
He also highlighted ongoing cybersecurity challenges in the fintech sector, urging the government to prioritise regulation over taxation.
The levy, previously applicable only to commercial banks, will now extend to fintech platforms, ending the era of free banking services provided by these companies.
In response, the Senate Clerk of the National Association of Nigerian Students (NANS), Oladimeji Uthman, called for a reversal of the policy, stating that it would further burden Nigerian students, many of whom rely on fintech services for daily expenses.
Despite concerns, the Federal Government’s EMTL revenues have shown growth, with N180.31 billion generated in 2023, surpassing the target of N136.35 billion.
With increasing digital adoption, cashless transactions in Nigeria reached over N600 trillion by the end of 2023, and further growth is expected.
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