An electronic transfer fee of 0.5 percent is being imposed on cybersecurity by a new order released by the Central Bank of Nigeria (CBN).
This will take effect in the next two weeks, be taken out of electronic transactions, and go into the CBN’s Cybersecurity Fund.
The Director of Payment Services, Uzoma Efobi, stressed that the charge will be levied at the transaction origin in a circular sent to all banks and payment service providers. Fines for noncompliance could equal at least 2% of the annual turnover of the defaulting institution.
New Cybersecurity Levy in Nigeria: Key Details
The CBN made it clear that loan transactions and interbank transfers are not subject to the cybersecurity levy.
This directive follows the enactment of the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024. Under Section 44 (2)(a) of the Act, a levy of 0.5 percent (0.005), equivalent to half a percent of all electronic transaction values by specified businesses, will be remitted to the National Cybersecurity Fund. This fund will be administered by the Office of the National Security Adviser.
“The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’,” the CBN stressed.
Furthermore, the Federal Government has started deducting Stamp Duty. A 0.375 percent stamp duty levy will now be subtracted by Deposit Money Banks from all bonds and mortgage-backed loans.
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