NewStats: 3,261,326 , 8,173,689 topics. Date: Wednesday, 28 May 2025 at 08:23 PM 1n1o37

The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions.

A circular from the apex bank on Monday disclosed that the implementation of the levy would start two weeks from today.

The circular was directed to all commercial, merchant, non-interest and payment service banks, among others.

The circular revealed that it 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), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.


The recent public engagements by the Office of the National Security Adviser on the above subject, also refers.

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 istered by the Office of the National Security Adviser.

The CBN said that all banks, other financial institutions and payment service providers are now required to implement the directive, saying, “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 with the narration, ‘Cybersecurity Levy’.



“Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF domiciled at the CBN by the fifth business day of every subsequent month.”

Exempted from the levy include loan disbursements and repayments, salary payments, intra- transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.

Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠Banks’ recapitalisation-related funding only bulk funds movement from collection s, savings and deposits including transactions involving long-term investments, among others.

The CBN, in recent times, has been making an effort to sanitise the financial sector. It recently issued a directive which barred fintechs from onboarding new customers.

The fintechs have in turn warned their customers against engaging in crypto transactions on their platforms.

This also comes barely a week after the Federal Government had directed Deposit Money Banks to immediately begin the deduction of 0.375 per cent stamp duty charge on all mortgaged-backed loans and bonds.

https://punchng.com/cbn-orders-banks-to-charge-0-5-cybersecurity-levy/

If it takes money away from the people... Instant implementation!

If it puts money in people's pockets.... It will take forever!


This levy is illegal and should be contested in court.

And the looting continues.

This I have seen.

G

Thieves in corporate attire. This Tinubu illegitimate government is a disaster. Nothing is working in the country. The only thing they know is how to impoverished the masses.

treesun:


https://punchng.com/cbn-orders-banks-to-charge-0-5-cybersecurity-levy/

Tinubu is only reducing your PURCHASING POWER, so he is doing well.

People will stop taking their money to bank.

You keep burdening people who are already over taxed, underpaid, underfed and barely surviving

treesun:


https://punchng.com/cbn-orders-banks-to-charge-0-5-cybersecurity-levy/

I told you lot that Nigeria tax us more than the Uk tax us living in there.

Like for "Nigerian government"
Share for "yahoo boys"

What's this nonsense again?

rip off and highly unacceptable. Even the N50 they are deducting on every transaction which they called stamp duty charge is absolutely nonsensical

They keep throwing all this policies and fraudulent means to forcefully take money from us,still making us suffer,

This won't sit well with me!!

Tinubu is just out for blood,

Suck poor nigerians through every means possible,

I don't care if the policy was before his istration,

He should not be the one to implement this rubbish.

Absolutely ridiculous

In Davido's voice dem go feel it.


Seun please introduce monthly subscription on nairaland. I want to check something.

Tinubu and taxes are inseparable... any channel to generate more money from citizens is his slogan

No difference between him and those wicked ancient kings always looking to levy the masses.
Many of them were illegitimate

Really? We would be keeping our xash at home oo

more and more levies coming heavily on the citizens.

This is stealing.

The FEC meeting is a gathering of mongrels to plan how to frustrate Nigerians.

The commercial banks have done more damage than ever. How can u collect 1k for card and still take money for maintenance of same ATM card.
Now Apex bank l, you charge 50N stamp duty in every transaction.
What concerns us with cyber security when the bank already have IT cyber security personnel whom they pay.
All this looting of money, if only the rich can startup their own fintec and implement zero cost as other fintec, cbn will be demoralised and sanity will restore in our financial sector.

demons ruling over Nigeria.

Hmmm, Anything to task/milk its citizens goes for this government.

Scammers.

HAAAAAAAAAAAAAAAA!

erico2k2:

I told you lot that Nigeria tax us more than the Uk tax us living in there.

Na lie go kee you

agbadorians and APC will not be charged. nde uchu, meaning useless people

They'll surely find means to milk the poor masses.

Masses no breathing space.