CBN asks Nigerian banks to charge 0.5% cybersecurity levy on all transactions Jerry Wright-Ukwu May 7, 2024 Amid the prevailing challenges in Nigeria, deposit money banks across the country will now implement a 0.5% cybersecurity levy on transactions, as announced in a circular issued by the Central Bank of Nigeria (CBN) dated May 6, 2024. According to the circular addressed to all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service providers, the levy is in line with the provisions of the Cybercrime (Prohibition, Prevention, etc) ( amendment ) Act 2024. “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) ( amendment ) Act 2024 and pursuant to the provision of Section 44 (2) (a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act’, is to...
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