The apex bank disclosed this on Monday in a notice by its directors, Chibuzor Efobi and Haruna Mustafa of Payment System Management and Financial Policy and Regulation Departments. The bank stated that the deduction and collection of the cyber security levy was sequel to the enactment of the 2024 Cybercrime Amendment Act of 2024. The Act provides for a 0.
5 per cent equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act, is to be remitted to the National Cybersecurity Fund , which shall be administered by the Office of the National Security Adviser .
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