CBN orders ‘Cybersecurity Levy’ deductions on electronic transfers

A circular issued by the CBN, yesterday, directed the deductions would become effective from the next two weeks.

The circular, issued by the Director of Payment Services, Uzoma Efobi, was addressed to all banks and payments services operators in the country.They will be put together and paid into the Cybersecurity Fund held by the CBN. He apex bank warned that a defaulting institution could be fined to the tune of not less than two percent of its annual turnover.The circular was a follow-up on an earlier letter dated June 25, 2018 , and October 5, 2018 , on compliance with the Cybercrimes Act 2015.

It noted that “Following the enactment of the Cybercrime Act 2024 and under the provision of Section 44 of the Act, a levy of 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.”

Also, CBN stressed that “The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.”There’ll be ups and downs, but we’re working to stabilise naira — CBNDeposit Money Banks are to begin the deduction of 0.375 per cent stamp duty charge on all mortgaged-backed loans and bonds.Nestle Nigeria grows revenue by 43% to N183.5bn in Q1’24

Source: Tech Daily Report (techdailyreport.net)

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