FG earns N103.7bn from digital cash transfers in six months

Oct. 13, 2024 - Punch Newspapers

The Federal Government has generated N103.7bn in revenue from the Electronic Money Transfer Levies in the first half of 2024.

The figure highlights the growing use of digital payment platforms and a higher volume of electronic transactions as more Nigerians and businesses embrace digital banking solutions. Last year, electronic payment transactions in the country hit an all-time high, rising by 55 per cent to N600tn, compared to N387tn in 2022.

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.

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