The Central Bank of Nigeria, CBN, has ordered banks in the country to make 0.005 percent deductions from their customers for Cybersecurity Levy on electronic transfers.
According to a circular issued by the apex bank on Monday, the deductions would become effective in the next two weeks.
The CBN directed that the deductions shall be applied at the transaction origination and will be put together and paid into the Cybersecurity Fund held by the CBN and warned that institutions that default could pay a fine not less than two (2) percent of its annual turnover.
However, interbank transfers and loans transactions were not included in the transactions to be charged for 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 CBN added that “The deducted amount shall be reflected in the customer’s account with the narration, Cybersecurity Levy.”
