The Federal Government of Nigeria has generated N103.7bn in revenue from the Electronic Money Transfer Levies in the first half of 2024.
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.
However, as telecom operators in Africa increasingly invest in the mobile money sector, they confront a major fraud crisis, prompting calls for improved security measures.
According to the Global System for Mobile Communications Association’s “State of the Industry Report on Mobile Money 2023”, mobile money fraud in Africa exceeded $1bn, raising concerns that security issues could impede the adoption of mobile money services.
..
News articles remains the property of the source. Tellbrief is a news aggregator.