The Federal Government has garnered N103.7 billion from Electronic Fund Transfer Levies in the first half of 2024, representing a 7.55% surge from last year’s N96.44 billion.

According to the Central Bank of Nigeria’s statistical bulletin, this upswing reflects the escalating adoption of digital payment platforms and electronic transactions among Nigerians and businesses.

The Electronic Fund Transfer Levy was introduced in the Finance Act 2020 to tap into the growth of electronic funds transfer in Nigeria. It’s a one-off charge of N50 on electronic receipts or transfers exceeding N10,000.

Revenue collection breakdown:

January 2024: N18.60 billion, down 26.57% from January 2023
February 2024: N16.59 billion, up 20.21% from February 2023
March 2024: N18.60 billion, up 53.41% from March 2023
April 2024: N15.37 billion, up 1.85% from April 2023
May 2024: N18.78 billion, up 24.24% from May 2023
June 2024: N15.78 billion, up 5.40% from June 2023

Nigeria’s e-payment transactions skyrocketed 86.44% to N566.39 trillion in the first half of 2024, driven by convenience and efficiency in financial transactions.

The Nigeria Inter-Bank Settlement System’s (NIBSS) instant payment platform facilitates instantaneous value transfers, accessible through various channels.

However, Africa’s mobile money sector confronts a significant fraud crisis, with losses exceeding $1 billion, raising concerns about security issues hindering mobile money services adoption.