Galaxy Television Menu

Banks to charge Nigerians for cybersecurity

Banks to charge Nigerians for cybersecurity

Amidst the ongoing hardship ravaging Nigeria, deposit money banks in the country will now start charging 0.5% cybersecurity levy on transactions.

This was contained in a circular dated May 6, 2024 by Central Bank of Nigeria (CBN) to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers.

According to the circular,. 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 apex bank said that the implementation of the levy would start two weeks from the date of the circular.

According to CBN, 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, Cyber security Levy.

Related Articles

The following 6 pages may interest you as well: