The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers.
This is contained in a circular signed by Chibuzor Efobi,
director of payments system management and Haruna Mustafa, director of
financial policy and regulation on Monday.
The directive was issued to commercial, merchant, non-interest
and payment service banks, as well as mobile money operators.
CBN said the policy would take effect in two weeks and charges would be described as ‘Cybersecurity Levy’.
According to the apex bank, the deduction and collection of
the cybersecurity levy is a sequel to the enactment of the Cybercrime
(prohibition, prevention etc) Amendment Act of 2024.
“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% (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),”
CBN said.
CBN said the charges would be remitted to the national cyber
security fund, which would be administered by the office of the NSA.
“Deductions shall
commence within two (2) weeks from the date of this circular for all financial
institutions and the monthly remittance of the levies collected in bulk to the
NCF account domiciled at the CBN by the 5th business day of every subsequent month.”
CBN said failure to remit the levy is an offence which
attracts a fine of not less than 2 percent of the annual turnover of the
defaulting business, amongst others.
“Finally, all institutions under the regulatory purview of
the CBN are hereby directed to note and comply with the provisions of the Act
and this circular.”
Meanwhile, earlier, banks announced the reintroduction of 2
percent charge on deposits above N500,000.
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