Banks operating in the country have been ordered to start charging a cyber security levy on transactions by Central bank of Nigeria .
The levy implementation is set to start two weeks from today, Tuesday 7th March 2024.
The circular from apex bank was directed to all commercial, merchant, non-interest, and payment service back amongst others .
The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.
However, the apex bank exempted loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, and intra-bank transfers between customers of the same bank from the levy.
The exemption include the levy were inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credits, and Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings, and deposits including transactions involving long-term investments, among others.
Cybersecurity levy
N5 is charged on the transaction of N1,000
N50 is charged on the transaction of N10,000
N500 is charged on the transaction of N100,000
N5,000 is charged on the transaction of N1,000,000
N50,000 is charged on the transaction of N10,000,000
N10 is being charged on the transaction below N5,000
N25 is being charged on the transaction between 5,001 and N50,000
N50 is being charged on transactions above N50,000
- Stamp duties
N50 is being charged on transactions between N10,000 and N10,000,000
- Short Messaging Service (SMS)
N4 is being charged on each electronic transfer notification
- Value Added Tax
N0.75 is being charged on N10 transfer fee
N1.875 is being charged on the N25 transfer fee
N3.75 is being charged on N50 transfer fee.
Punch
