Business
Nigerians To Pay More Bank Charges As CBN Introduces Cyber Security Levy
The Central Bank of Nigeria (CBN) has introduced the cyber security levy, which will begin within the next fortnight.
This initiative is based on the Cyber Act and was announced on Monday by the Director of Payment Systems at the CBN in a circular.
Nation Post understands that this development means Nigerians will pay extra charges on banking transactions.
The circular read: “The earlier Central Bank of Nigeria (CBN) circular and letter to all banks dated June 25, 2018 (Ref: BPS/DlR/GEN/ClR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023) respectively on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015 refer.
“Also, 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 per cent 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).
“Accordingly, all Banks, Other Financial Institutions, and Payment Service Providers are hereby required to implement the above provision of the Act as follows: The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.
“The deducted amount shall be reflected in the customer’s account with the narration: “Cybersecurity Levy.”
The central bank also stated that deductions will commence within a fortnight of this circular’s issuance for all financial institutions, with the monthly transfer of the accumulated levies to the NCF account held at the CBN required by the 5th working day of each following month.
