In response to directives from the Central Bank of Nigeria (CBN), banks across the country will soon introduce a 0.5 percent cybersecurity levy on electronic transfers.
The announcement came through a circular signed by Chibuzor Efobi, the director of payments system management, and Haruna Mustafa, the director of financial policy and regulation, addressed to all commercial, merchant, non-interest, and payment service banks.
The CBN highlighted that this directive aligns with previous communications dated June 25, 2018, and October 5, 2018, emphasizing compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015. The decision to implement the cybersecurity levy follows the enactment of the 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act.
According to the circular, deductions will commence within two weeks from the circular’s date, with financial institutions required to remit collected levies to the designated NCF account domiciled at the CBN by the 5th business day of each subsequent month.
Importantly, certain transactions such as loan disbursements and repayments, salary payments, and intra-account transfers within or between banks for the same customer will remain unaffected by the new levy. The CBN directs all institutions under its regulatory purview to adhere to the provisions of the Act and the circular.
Source: Arise News