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.
The EMT levy is a singular and one-off charge of N50 on electronic receipt or transfer of money deposited in any deposit money bank or financial institution on any type of account on sums of N10,000 or more.
In January 2024, the revenue from EMTL stood at N18.60bn, reflecting a 26.57 per cent decrease compared to N25.33bn in the same period of last year.
However, February 2024 showed a 20.21 per cent increase, with collections rising to N16.59bn from N13.80bn in February 2023.
March 2024 also experienced growth, recording N18.60bn, up by 53.41 per cent from N12.13bn in March 2023.
The revenue in April 2024 was N15.37bn, which was a marginal 1.85 per cent increase compared to N15.09bn collected in April 2023.
Although June 2024 saw a slight dip compared to May, with N15.78bn collected, it still marked a 5.40 per cent increase from the N14.97bn recorded in the same period of last year.
