The Federal Government is set to make a total of 483.73 billion naira in three years from electronic payment boom by way of the Electronic Money Transfer Levy.
This projection was made by the Budget Office of the Federation and revealed in its 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The Electronic Money Transfer Levy was introduced in the Finance Act 2020, which amended the Stamp Duty Act to tap into the growth of electronic funds transfer in the nation.
It is a single, one-off charge of 50 naira on electronic receipt or transfer of money deposited in any deposit money bank or financial institution on any type of account on sums of 10,000 naira and above.
Revenue derived from the Electronic Money Transfer Levy is shared among the three tiers of government.
