In a bid to enhance cybersecurity in Nigeria’s financial sector, the Central Bank of Nigeria (CBN) has directed banks to commence a 0.5 percent levy on electronic transfers within the next two weeks.
This levy, as stipulated by the recently enacted Cybercrime (Prohibition, Prevention, etc) Amendment Act of 2024, is aimed at bolstering the National Cybersecurity Fund (NCF) administered by the Office of the National Security Adviser (ONSA).
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The CBN’s directive, communicated through a circular signed by Chibuzor Efobi and Haruna Mustafa, directors at the CBN, requires all financial institutions to deduct and remit the levy to the NCF account domiciled at the CBN by the 5th business day of every subsequent month.
However, certain transactions such as loan disbursements and repayments, salary payments, and intra-bank transfers remain exempt from the levy.
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The CBN emphasizes compliance with the Act and its circular, urging institutions to note the provisions and adjust their operations accordingly.
