The Central Bank of Nigeria has issued a directive instructing all banks to introduce a 0.5 percent cybersecurity levy on all electronic transactions conducted within the country.
This directive was outlined in a circular signed by Chibuzo Efobi, the Director of the Payments System Management Department, and Haruna Mustafa, the Director of the Financial Policy and Regulation Department.
Addressed to all commercial, merchant, non-interest, and payment service banks, among others, the circular specified that the implementation of this levy would commence two weeks from Monday, May 6, 2024.
“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,'” the circular stated.