The Central Bank of Nigeria (CBN), has imposed fresh 0.5 percent Cybersecurity Levy deductions on electronic transfers, an act analysts say will further frustrate cashless policy . A circular issued by the CBN on Monday, directed the deductions would become effective from the next two weeks. The circular, issued by the Director of Payment Services, Uzoma Efobi, was addressed to all banks and payments services operators in the country. According to the CBN, the deductions shall be applied at the transaction origination. They will be put together and paid into the Cybersecurity Fund held by the CBN. The apex bank warned that a defaulting institution could be fined to the tune of not less than two (2) percent of its annual turnover. However, interbank transfers and loans transactions were exempted from the CBN cybersecurity levy. The circular was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008), and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015. It noted that “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 per cent (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 which shall be administered by the Office of the National Security Adviser.”
The Increment At A Glance
CBN has directed all banks to start deducting 0.5% of any amount you transfer electronically. They termed it “cyber security levy”
This means that Banks will charge Nigerians for cyber transfer
₦5 on every ₦1,000
₦50 on every ₦10,000
₦500 on every ₦100,000
₦5,000 on every ₦1,000,000
₦50,000 on every ₦10,000,000
₦500,000 on every ₦100,000,000
The Levy will commence in 2 weeks time
