INFOGRAPHIC: The Cost of Electronic Transactions in Nigeria [2024]

Nigerians have decided to speak out amid the growing cost of electronic transactions, which has caused many to struggle given the harsh economic situation in the country.

A few days ago, the Nigerian government issued a cybersecurity levy that would see Nigerians remit 0.5% on every major transaction they make. This is in addition to other fees, such as the transfer fees that Nigerians already pay.

For better illustration, here is a Techloy infographic showing the list of electronic transaction costs that Nigerians pay in 2024.

As expected, Nigerians did not take it lightly and expressed their anger and frustration while mounting pressure on the government to reverse the decision.

The government, in turn, is also conflicted as the decision is still under debate. Currently, the House of Senate supports the decision, while the House of Representatives wants its reversal.

Right now, we do not know what the final decision will be. But for now, banks across the country will have to abide by the directive, as failure to do so will attract a fine of 2% of their annual turnover at a minimum.