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HomeBusiness NewsCharge 0.5% Cybersecurity Levy On Transactions - CBN Orders Banks

Charge 0.5% Cybersecurity Levy On Transactions – CBN Orders Banks

The Nigerian Central Bank has mandated that banks operating in the nation should impose cybersecurity transaction fee on bank accounts.

The apex bank said on Monday in a circular that the charge will go into effect in two weeks.

Among other banks, the circular was addressed to all merchant, commercial, non-interest, and payment service banks.

The circular said that it was a follow-up on prior correspondence about compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015, dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively.

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“Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.”

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Exempted from the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.

Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.

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The CBN, in recent times, has been making an effort to sanitise the financial sector. It recently issued a directive which barred fintechs from onboarding new customers.

The fintechs have in turn warned their customers against engaging in crypto transactions on their platforms. [CONTINUE READING HERE]

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