This is unfair Nigerians cry out as CBN orders banks to charge 0.5% cybersecurity levy on all electronic transactions
Starting May 20, 2024, Nigerians will be required by the Central Bank of Nigeria to include a cybersecurity levy in all electronic transactions.
The levy, set at 0.5% of the transaction, will now beto the National Cybersecurity Fund, marking a substantial increase from the previous fee of 0.005%.
In contrast, other financial institutions like microfinance banks, primary mortgage banks, and development finance institutions are granted a timeframe of eight weeks to ensure their system reconfiguration is completed.
Financial institutions failing to remit the levy may incur fines amounting to at least 2% of their annual turnover.
The levy does not apply to certain financial transactions, including salary payments, loan disbursements and repayments, intra-bank transfers between customers of the same bank, and intra-account transfers within the same bank or between different banks but for the same customer.
See how much that would be charged per transactions below;
