ordered all commercial banks to impose a 0.5% levy on some electronic transactions. The fund is supposed to be transmitted to the Office of the National Security Adviser for the purpose of cyber security. The levy is imposed on the initiator of the transaction and not the receiver.
Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions A 2023 report by EFInA, a UK government-backed firm, stated that about 64% of adult Nigerians use formal financial services includingNigeria: Northern governors under fire for attending US security summit
Activists argue that this latest levy could slow any progress made in the race for financial inclusion. They maintain that thisMany Nigerians have rejected the new law with some threatening to go to court, wondering how the law was passed without public consultation., which has instituted dozens of cases against the government in court, said on X that it would sue the government over this new law.
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