*CBN Cardoso
Details of how the seemingly hostile (N50) Electronic Money Transfer (EMT) Levies introduced by the Federal Government generated N103.7bn in revenue in the first half of 2024 have emerged.
Business Hilights recalls that EMT 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 levy is that N50 that always leaves your account any time you transact a successful money transfer.
Figures garnered from the Central Bank of Nigeria’s statistical bulletin, showed that this represents a 7.55 per cent increase compared to the N96.44bn collected during the same period in 2023.
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.
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, 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, revenue from EMTL rose at a slower pace in February, increasing 20.21 per cent to N16.59bn from N13.80bn in February 2023.
It picked up in March, jumping by 53.41 per cent to N18.60bn, compared to N12.13bn in the prior period last year.
The revenue in April was N15.37bn, which was a marginal 1.85 per cent increase compared to N15.09bn collected in April 2023.
May and June figures summed up the N103.7bn total.
