In the first half of 2024, the Federal Government of Nigeria reported a revenue generation of N103.7 billion from Electronic Money Transfer Levies (EMTL), marking a 7.55% increase from N96.44 billion in the same period of 2023, according to the Central Bank of Nigeria’s latest statistical bulletin.
This rise is indicative of the increasing adoption of digital payment platforms and a surge in electronic transactions as more Nigerians and businesses turn to digital banking solutions. The EMTL, introduced in the Finance Act 2020, imposes a one-off charge of N50 on electronic receipts or transfers of N10,000 or more across deposit money banks and financial institutions.
Data from the Nigeria Inter-Bank Settlement System (NIBSS) reveals that total e-payment transactions soared by 86.44%, reaching N566.39 trillion in the first half of 2024, up from N303.60 trillion in the same timeframe last year.
The Nigeria Instant Payment (NIP) platform, established in 2011, facilitates real-time interbank payments, allowing for instant value transfers through various channels including internet banking, mobile apps, USSD, ATMs, POS terminals, and bank branches.
This trend underscores the growing reliance on digital payment solutions among consumers and businesses, driven by their convenience and efficiency in executing financial transactions.
In 2023, Nigeria’s electronic payment transactions achieved a record high, increasing by 55% to N600 trillion, compared to N387 trillion in 2022. This momentum highlights the expanding digital finance landscape in Nigeria, positioning it for continued growth in the coming years.
