The Central Bank of Nigeria has directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers.
The directive was issued to commercial, merchant, non-interest and payment service banks, as well as mobile money operators. “Following the enactment of the Cybercrime Act 2024 and under the provision of Section 44 of the Act, “a levy of 0.5% equivalent to a half percent of all electronic transactions value by the business specified in the second schedule of the Act, is to be remitted to the National Cybersecurity Fund , which shall be administered by the Office of the National Security Adviser ,” CBN said.
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