The Federal Government of Nigeria has recorded N103.7bn in revenue from Electronic Money Transfer Levies in the first half of 2024, marking a 7.55% increase from the previous year. This surge in revenue reflects the growing trend of digital payment platforms and increased electronic transactions among Nigerians and businesses.
Introduced in the Finance Act 2020, the Electronic Money Transfer Levy imposes a one-time charge of N50 on electronic money transfers of N10,000 or more. Despite a dip in revenue in January, subsequent months showed steady increases, with June recording a 5.40% year-on-year growth.
The rise in e-payment transactions is attributed to the convenience and efficiency offered by digital payment platforms. In 2024, e-payment transactions in Nigeria spiked by 86.44%, totaling N566.39tn, driven by factors like the Nigeria Inter-Bank Settlement System and the National Instant Payment platform.
While Africa experiences growth in the mobile money sector, concerns about fraud threaten its progression. Reports indicate mobile money fraud in Africa exceeding $1bn, emphasizing the need for enhanced security measures to foster trust and further adoption of mobile money services.
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