THE CBN HAS DIRECTED BANKS TO CHARGE A 0.5% CYBERSECURITY LEVY ON ALL TRANSACTIONS.

Babatunji Wusu –

The Central Bank of Nigeria (CBN) has directed deposit money institutions in the country to begin collecting a 0.5% cybersecurity levy on transactions.

This was stated in a circular issued by the apex bank on May 6, 2024 to all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service providers.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2) (a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act’, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” the circular partly read.

According to the apex bank, the levy will be implemented two weeks after the circular was issued.