The re-introduced cybersecurity levy stipulates that banks and other financial institutions must deduct the levy from all electronic transactions.
The Central Bank of Nigeria (CBN) has reintroduced the controversial Cybersecurity levy.
The levy mandates Nigerians to pay a certain amount for every electronic transaction.
This plan, announced in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 document released on Tuesday, September 17, stipulates that banks and other financial institutions must deduct the levy from all electronic transactions.
According to the document, the levy has been reduced from the 0.5% earlier announced in May 2024 to 0.005%.
āThe CBN shall continue to enforce the payment of the mandatory levy of 0.005 percent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015,ā the document states.
āThe levyās proceeds would go towards creating a cybersecurity fund specifically designed to bolster Nigeriaās banking sectorās defences against online attacks. The CBN stresses the significance of cybersecurity measures and requires payment service providers (PSPs), banks, and other financial institutions (OFIs) to comply with minimal cybersecurity standards.
āThese standards include the appointment of Chief Information Security Officers (CISOs) to oversee cybersecurity compliance, in line with the 2022 risk-based cybersecurity framework.
āPursuant to the circular titled āIssuance of Risk-based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Providersā referenced BSD/DIR/GEN/LAB/11/25, and dated October 10, 2018, issued by the CBN to combat the increasing cyber security threat in the banking industry, banks and Payment Service Providers (PSPs) are mandated to adhere to the guidelines on the risk-based cyber security frameworkā, the document explains.
While the apex bank is yet to announce a date for the re-commencement of the charges, THEWILL recalls that the CBN had in May this year, instructed banks to start the deduction of the cybercrime fee from customersā transactions.
President Bola Tinubu, however, directed the suspension of the policy for proper review following widespread public outrage by Nigerians who lamented the hardship they were already going through.