Following the outcry by Nigerians over the cybersecurity levy and the extra financial burden it would incur, President Bola Tinubu has ordered the Central Bank of Nigeria (CBN) to halt the cybersecurity levy’s implementation.
President Bola Ahmed Tinubu has mandated the Central Bank of Nigeria (CBN) to halt the implementation of the cybersecurity levy policy and conduct a review.
President Tinubu made this demand over the weekend in response to the House of Representatives decision last Thursday to request that the CBN withdraw its circular ordering all banks to start enforcing a 0.5% cybersecurity charge on all electronic transactions in the country.
OrderPaper recalls that the CBN, in accordance with the guidelines outlined in the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024, issued a circular on May 6, 2024, requiring all banks, mobile money operators, and payment service providers to impose a new cybersecurity charge.
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As stipulated in the Act, the Office of the National Security Adviser will be in charge of the National Cybersecurity Fund, which will receive a 0.5 percent charge on the total value of all electronic transactions.
Applying the fee at the moment of electronic transfer origination is mandatory for financial institutions. The amount deducted must be stated clearly in client accounts with the description “Cybersecurity Levy” and sent by the financial institution.
According to the circular, from the day of its issuance, all financial institutions must begin enforcing the fee within two weeks, apparently by May 20, 2024.
