Originally scheduled to begin on September 9, 2024, the implementation was postponed to December 1, 2024, following public outcry. Advocacy groups, including the National Association of Nigerian Students (NANS), had urged the government to reconsider the levy, highlighting the economic challenges faced by many citizens.

Fintech companies have now activated the levy, in compliance with directives from the Federal Inland Revenue Service (FIRS). Notifications sent to users confirm the deductions, with fintech platforms emphasizing that the charges are directly remitted to the federal government.

Opay informed its customers via a message on December 1:

"Dear Customer, in line with the FIRS, the EMTL applies starting from December 1, 2024."

The company clarified that it does not benefit from the levy, ensuring users that the collected charges are solely for remittance to the government. Similarly, Moniepoint communicated the same to its customers, stating:

"Dear customer, you will be charged stamp duty of ₦50 on inflows of ₦10,000 and above. Moniepoint collects and remits this on behalf and to FIRS."

The levy’s rollout has reignited public criticism, with many Nigerians concerned about the economic strain it places on personal and business finances. While the EMTL is designed to boost government revenue, it adds to the growing list of levies on electronic transactions in the country, raising questions about its long-term impact on digital payment adoption.