By Bukola Idowu

The Central Bank of Nigeria (CBN) has directed all financial institutions in the country to begin the deduction of cybersecurity levy on all electronic transactions effective May 20, 2024, six years after it first issued the directive.

The deductions were to be remitted to the National Security Fund, which is being administered by the Office of the National Security Adviser (ONSA).

The deductions were to be effected on all electronic transactions consummated through commercial banks, merchant banks, non-interest banks, payment system banks, Other Financial Institutions (OFIs) mobile money operators and payment service providers. Failure to comply and remit within the stipulated timeframe will lead to a penalty of two per cent of the annual turnover of the institution.

On June 25, 2018, the apex bank had released guidelines for the collection of a 0.005 per cent levy on electronic transactions for the National Cybersecurity Fund, directing that the levy will take effect from 1st of July 2018. The directive however did not take off.

Consequently, in a circular dated May 6, 2024 and jointly signed by the CBN director of payments systems management, Chibuzor Efobi and Director, Financial Policy and Regulation, Haruna Mustafa, the CBN directed that banks in the country begin the deductions for onward remittance.

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