We want to make sure you're in the loop about the Electronic Money Transfer Levy (EMTL). It's a charge that affects some of your transfers, so let's break it down.
What's EMTL all about?
EMTL is a ₦50 fee that applies when you receive transfers of ₦10,000 or more. It's not just us – all Nigerian banks and financial institutions have to collect it.
Here's a quick summary of the key points:
The government introduced this levy to help fund development programs. It kicked off on September 9, 2024, following the Finance Act 2020.
How does it work?
When someone sends you ₦10,000 or more, we'll deduct ₦50 from the amount you receive. We then send that ₦50 to the Federal Inland Revenue Service (FIRS) the next business day.
What's not affected?
Good news – you won't pay EMTL on:
Transfers under ₦10,000
Money you pay into your own Kuda account
Transfers between your Kuda accounts
What this means for you
We know every naira counts. While ₦50 might seem small, it can add up if you receive lots of transfers. Keep this in mind when you're budgeting or expecting payments.
We're here to help
Got questions about EMTL? Our customer support team is always ready to chat. Just reach out through the Kuda app, and we'll clarify any concerns you might have.
Remember, we're just the messenger (and collector) for EMTL. We're committed to being transparent about these charges and helping you navigate them as smoothly as possible.