THE Central Bank of Nigeria (CBN) has directed banks and other financial institutions in the country to commence implementation of a 0.5 per cent cybersecurity levy on electronic transfers.
In a circular signed by the Director of Payments System Management, Chibuzor Efobi, and Director of Financial Policy and Regulation, Haruna Mustafa, on Monday, May 6, the apex bank, in the directive to commercial, merchant, non-interest, payment service banks and mobile money operators, said the policy would take effect in two weeks and charges would be described as ‘Cybersecurity Levy.’
According to CBN: “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under 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).”
It stated that the charges would be remitted to the National Cybersecurity Fund, to be administered by the ONSA, noting: “Deductions shall commence within two (2) weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the 5th business day of every subsequent month.”
It warned that failure to remit the levy is an offence and attracts a fine of not less than two per cent of the yearly turnover of the defaulting business, among others, adding: “Finally, all institutions under the regulatory purview of the CBN are hereby directed to note and comply with the provisions of the Act and this circular.”
Banks have already commenced the reintroduction of two per cent charge on deposits above N500,000.
