By HEADLINENEWS.NEWS correspondent
The Central Bank of Nigeria (CBN) has mandated all banks to begin charging a 0.5% cybersecurity levy on all electronic transactions, as stipulated in a new circular issued on Monday, May 6, 2024.
The circular, which was addressed to all commercial, merchant, non-interest, and payment service banks, among others, outlines that the levy will be implemented two weeks from the issuance date.
According to the document, “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 account with the narration, ‘Cybersecurity Levy.’”
However, the CBN has also specified 16 types of banking transactions that will be exempted from this new levy:
1. Loan Disbursements and Repayments: Transactions related to loans will not be subjected to the cybersecurity levy.