The Northern Elders Forum , a prominent socio-cultural organization representing the interests of the Northern region of Nigeria, has strongly condemned theIn a statement released by the NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, the Forum expressed its dissatisfaction with the policy, citing the escalating costs associated with banking transactions as a result of multiple charges.
The Northern Elders pointed out that the introduction of cybersecurity levies, in addition to existing fees such as stamp duty, transfer fees, value-added tax, and SMS charges, has placed an unbearable financial burden on individuals engaging in electronic transactions. It argued: “These additional costs have significantly increased the overall expense of electronic transactions for both senders and receivers. While acknowledging the importance of cybersecurity in safeguarding electronic transactions.
“It is essential to strike a delicate balance between enhancing cybersecurity and easing the financial burden on the populace, particularly at a time when the Nigerian economy is facing significant challenges due to inflation and other economic factors,” Suleiman said.