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The data from the Nigeria Inter-Bank Settlement System reveals that electronic payments reached a combined total of N987tn between 2022 and 2023.

Applying the 0.005 per cent levy to this total results in an estimated revenue of approximately N49.35bn.

He added that in 2022, electronic payments totalled N387tn, generating N19.35bn from the levy, while in 2023, with transactions soaring to N600tn, the revenue from the levy reached N30bn.

“For instance, we saw a remarkable 55 per cent surge in the total electronic payments, from N387tn in 2022 to N600tn in 2023 and the 2024 figure is projected at N999.9tn. At 0.005 per cent cyber security fees, the Nigerian government will earn N19.5bn for 2022, N30bn for 2023; 2024 will be equivalent to N50bn [projected figure] from its citizens,” he expounded.

Nwani also highlighted an increase in point-of-sale transactions, which surged by 27.85 per cent from N8.39tn in 2022 to N10.73tn in 2023, noting that PoS transactions cost Nigerians N214.6bn in 2023 due to the N100 fee on every N5,000 withdrawal.

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