Small businesses will now make all government payments through POS or approved digital channels as the Federal Government ends cash collections across ministries departments agencies. Officials say the new rule will cut fraud boost transparency ease transactions for MSMEs that rely on clear receipts for tax returns business registration permit processing and regulatory compliance.
The government also introduced RevOP a real time revenue tracking system that will monitor every payment made to MDAs. Only CBN licensed payment providers approved by the Accountant General are permitted for use.
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All MDAs must declare every account they operate whether local or foreign. Agencies that fail to comply will face sanctions including restricted access to government financial platforms. For MSMEs the shift is expected to reduce hidden charges eliminate unofficial cash payments support digital records and strengthen trust in public service processes.
