Cybersecurity: CBN Approves 0.5% New Levy

Cybersecurity: CBN Approves 0.5% New Levy

The Central Bank of Nigeria (CBN) has instructed banks operating in the country to commence charging a cybersecurity levy on transactions, according to a circular issued on Monday. The implementation of this levy is set to begin two weeks from the date of the circular.

The directive, applicable to all commercial, merchant, non-interest, and payment service banks, as well as other financial institutions, mobile money operators, and payment service providers, follows earlier guidelines issued in 2018 regarding compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

Read Also: CBN Set to Take Action Against Banks Holding Dollars, Naira to Stabilize

Under the new directive, banks and financial institutions are mandated to deduct and remit the cybersecurity levy at the point of electronic transfer origination. This amount, labeled as “Cybersecurity Levy,” will be reflected in the customer’s account with each transaction.

Deductions are scheduled to commence within two weeks from the issuance of the circular, with the collected levies to be remitted in bulk to the designated NCF account domiciled at the CBN by the fifth business day of every subsequent month.

However, certain transactions are exempted from the levy, including loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, among others.

The CBN’s recent efforts to regulate the financial sector include directives to fintechs to cease onboarding new customers and warnings against engaging in crypto transactions. Additionally, the Federal Government recently instructed Deposit Money Banks to begin the deduction of a 0.375% stamp duty charge on all mortgage-backed loans and bonds.

Read Also: CBN Undergoes Major Restructuring: Plans to Relocate Key Departments to Lagos Amidst Staff Discontent

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Next Post

Nigeria Labor Congress kicks against Cybersecurity Levy

Wed May 8 , 2024
The Nigeria Labour Congress (NLC) strongly denounces the recent directive issued by the Central Bank of Nigeria (CBN) to impose a 0.005 percent Cybersecurity Levy on electronic transfers. This levy, set to be deducted at transaction origination, adds yet another burden to the already strained finances of hardworking Nigerians. The […]

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