From May 20, 2024, Nigerians must include a cybersecurity levy in all electronic transactions, as mandated by the Central Bank of Nigeria.
The levy, set at 0.5% of the transaction, will now be directed to the National Cybersecurity Fund, marking a substantial increase from the previous fee of 0.005%.
According to the directive, mobile money operators, non-interest and payment service banks, commercial banks, and merchant banks must finalize system reconfigurations within four weeks to facilitate the remittance process.
In contrast, other financial institutions like microfinance banks, primary mortgage banks, and development finance institutions are granted a timeframe of eight weeks to ensure their system reconfiguration is completed.
Financial institutions failing to remit the levy may incur fines amounting to at least 2% of their annual turnover.
The levy does not apply to certain financial transactions, including salary payments, loan disbursements and repayments, intra-bank transfers between customers of the same bank, and intra-account transfers within the same bank or between different banks but for the same customer.
Additional exempt transactions comprise letters of credit, Treasury bills, bonds, commercial papers, government social welfare programs, charitable donations, tuition payments, and transactions involving educational institutions.
The cybersecurity levy adds to a series of perplexing policies from the CBN. In December 2023, the apex bank lifted a crypto ban that barred commercial banks from operating accounts for cryptocurrency service providers. Nonetheless, recent reports indicate that a ban on peer-to-peer transactions might be on the horizon.
See how much that would be charged per transactions below;
The CBN has directed all banks to impose a 0.5% cybersecurity levy on all transactions
— Mo-Mo (@Morris_Monye) May 6, 2024
The monies is to be remitted to the office of the National Security Adviser.
Why please? What’s the purpose? pic.twitter.com/wSp8kGgybB
See reactions below;
sweetest__babyyysophie: Those people that voted this administration…. you people will ask God for bread, he will give u rock.
heisrvdy: if only yall allowed peter obi to do his thing.
1804davinchi: I heard from a reliable sauce that the levy will be excluded from APC members and voters🌚.
opeyemifamakin: Does this apply to all those digital Banks? E be like say Banks for Nigeria don dey inhale vegetable cooked by Ghanaian chefs.
mz_esheza: See problem on ground and you people are discussing wizkid and Davido that are already billionaires!!! Smh.
wealthworld_1: Levy and tax is all Tinubu knows. I don’t know what all of you were expecting. 🤦🏾♂️ a leopard can never change it spot.
nkiruka_joy001: Pos charges 😂😂😂.
poshest_hope: It’s like they want to use the citizens to repay the loans they’re owing. God Abeg o.
iamzaddyace_: Shey b tinubu deh work abi? Gbogbo Eyin ti e dibo fun man yen Olohun lo ma ba ti tiyin je one by one.
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