The Central Bank of Nigeria (CBN) has issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions......Read The Full Article>>.....Read The Full Article>>
reports that this move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.
The directive, detailed in a circular dated June 25, 2024, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as “Cybersecurity Levy.”
Financial institutions are required to start deductions within two weeks from the date of the circular and remit the accumulated levies monthly to the National Cybersecurity Fund (NCF), which is administered by the Office of the National Security Adviser (ONSA).
Nigerians React
However, the Nigerian government’s directive to implement a 0.5% cybersecurity levy has faced criticism from netizens.
@Royal_Spotlight wrote: “With this new levy, account holders will now be paying charges as follows:
1. VAT: 0.75%
2. Stamp Duty charge on every credit. (N50)
3. Cybersecurity Levy: 0.5% on all transactions.
4. Commission (depending on amount to be transferred)
5. SMS charges
“Tell me one good thing Tinubu has given the people since May 29th 2023.”
@Tobicods wrote: “To be sincere this new cybersecurity levy of 0.5 percent must be reversed, it really makes no sense at all.
“So if i make a transfer of 1million to another account the bank takes 5k just like that, for their own personal use.
“This is Nonsense!!!”
@nuellaluchi wrote: “We told them Election has consequences, they said is it statistics that we will chop. This is just the beginning.”
@TosinOlugbenga wrote: “Is cybersecurity levy you are complaining of, many more to come.”
@ChidiOdinkalu wrote: “This is taking a joke too far. @cenbank is created & its powers are constrained by law. This thing here is entirely outside the powers allocated to by the #CBNAct. This joke has to stop!”
@Benking443 wrote: “This is the senator that introduced this Cyber Security Levy bill has now been passed as a law
“Shehu Buba Umar, representing Bauchi South Constituency under APC.
“Check his profile. From school teacher to SSA to former Bauchi Governor.
“He has never built a business. He doesn’t know the rigors of making 50k as a business man. Wealth without enterprise.”
@Irunnia_ wrote: “In the last 1 week, Tinubu’s government have banned Crypto p2p on every platform, increased tax by 14% on importers and put a 0.5% cybersecurity levy on every banking transaction made.”
@SasDantata wrote: “The cybersecurity levy needs to be shelved for now. Asking ppl to pay more when they’re already facing serious financial challenges, high inflation, & other forms of hardship is a bit too harsh.
“I hope that the Federal Gov’t and Cardoso rethink the implementation of this policy!”
@Khanstillday wrote: “It’s only almost 1 year since the current Tinubu administration came in and here is some of their progresses so far:
– Fuel went from #180-#650
– Dollar rates from #600-#1,500
– Cybersecurity levy added to bank charges
– Poverty level went from 60% to 87%
– Insecurity in the country is now over the roof
– corruption is on the rise in the country like we’ve never seen before.
– minimum wage is still 33k in 2024.
“It’s only one year, 7 more years to go. I wonder what will become of this country when this man is done with it.“
