The Central Bank of Nigeria (CBN) has approved charges of 0.5 per cent on all electronic bank transactions as Cybersecurity levy.
The apex bank however exempted 16 transactions in the charges regime.
The cybersecurity levy on transactions is part of efforts to finance efforts in containing the rising cybercrime threats in the financial system.
A circular released by the apex bank on Monday directing all commercial, merchant, non-interest and payment service banks to commence charges, said it was in compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.
It said in libe with the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, a levy of 0.5 per cent (0.005) equivalent to half per cent 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 the Office of the National Security Adviser shall administer.
Transaction exempted from the charges are 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, and Other Financial Institutions (OFIs) instructions to their correspondent banks.
Also interbank placements, banks’ transfers to CBN and vice versa, inter-branch transfers within a bank, cheque clearing and settlements, and Letters of Credit (LCs) are exempted.
Also exemoted are banks’ recapitalisation-related funding only bulk funds movement from collection accounts; savings and deposits including transactions involving long-term investments such as treasury bills, bonds; and commercial papers; government social welfare programmes transactions, e.g. pension payments; non-profit and charitable transactions including donations to registered non-profit organisations or charities; educational institutions transactions, including tuition payments and other transaction involving schools, universities, or other educational institutions.
The CBN also exemoted transactions involving the bank’s internal accounts, such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts, are also exempt from the levy.
