Businesses to pay 0.5% cybersecurity levy

All commercial, merchant, non-interest, payment service banks and other financial institutions, among others got a directive from the Central Bank ofOthers who got the CBN circular yesterday, are mobile money operators and payment service providers.

Pursuant to Section 44 of the Act, a levy of 0.5% equivalent to a half percent of all electronic transactions value by specified businesses is mandatory. This levy is to be remitted to the National Cyber-security Fund for administration by the ONSA. The financial institutions are directed to complete system reconfigurations for timely submission of remittance files to the Nigeria Interbank Settlement System Plc. within specified timelines. Failure to remit the levy is deemed an offence, with penalties including fines of not less than 2 percent of the annual turnover of defaulting businesses.

Banks’ recapitalisation related funding – only bulk funds movement from collection accounts; savings and deposits including transactions involving long-term investments such as Treasury Bills, Bonds and Commercial Papers; government Social Welfare Programmes transactions e.g. Pension payments; non-profit and charitable transactions, including donations to registered non-profit organisations or charities and transactions involving bank’s internal accounts.

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