Nigerians to pay 0.5% Cybersecurity Levy.Â
The Central Bank of Nigeria (CBN) has directed deposit money banks nationwide to introduce a 0.5% cybersecurity levy on transactions, in response to ongoing challenges within the country. This directive was outlined in a circular issued by the CBN on May 6, 2024.
The circular, addressed to all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service providers, states that the levy aligns with the provisions of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024.
0.5% Cybersecurity Levy
Quoting 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 implementation of this levy will commence two weeks from the date of the circular.
Explaining the mechanics of the levy, the apex bank clarified that it would be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount will be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.
This move by the CBN underscores the importance of bolstering cybersecurity measures across the financial sector, particularly in the wake of increasing cyber threats.
For further updates and details, interested parties are advised to refer to the official communication from the Central Bank of Nigeria (CBN).
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