The Central Bank of Nigeria recently announced a 0.5% cybercrime levy on all electronic transactions, casting a long shadow over Nigeria’s hard-fought progress in financial inclusion and the CBN’s own ambitious goal of achieving 95% financial inclusion by 2024.
The cybersecurity levy was originally a provision in the 2015 Cybercrimes Act and focused on businesses deemed financially capable, such as banks, telcos, and large corporations. The recent 2024 amendments were meant to clarify the vagueness regarding the implementation of the 2015 Act but have only led to further confusion.
The projected revenue from this levy is substantial, with NIBSS reporting a ₦600 trillion volume in electronic payment transactions in Nigeria in 2023. The CBN however provided no clarity on how this remittance to the national cybersecurity fund would be allocated and used for cybersecurity improvements or how it would translate into tangible benefits for everyday Nigerians using digital financial services. This lack of transparency raises concerns.
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