The Federal Government of Nigeria has generated N103.7bn in revenue from the Electronic Money Transfer Levies in the first half of 2024.
According to data from the Central Bank of Nigeria’s statistical bulletin, this represents a 7.55 per cent increase compared to the N96.44bn collected during the same period in 2023 of last year.
This figure shows the growing use of digital payment platforms and a higher volume of electronic transactions as more Nigerians and businesses embrace digital banking solutions.
Electronic money transfer levy was introduced as a source of government revenue in the Finance Act 2020, which amended the Stamp Duty Act to tap into the growth of electronic funds transfer in Nigeria.
