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CBN Set To Introduce New Cybersecurity Levy, Citing More Reactions Among Nigerians

Published:

  • The Central Bank of Nigeria has mandated banks and financial entities in the country to start deducting a new cybersecurity levy on electronic transactions.
  • CBN set the levy at 0.5% and is under the management of the Office of the National Security Adviser.
  • The levy is coming under the latest 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act.
  • The CBN circulars have triggered several reactions among Nigerians.

The Central Bank of Nigeria (CBN) has directed all banks and financial to start deducting a cybersecurity levy. It gave the order through a circular on May 6 to different types of banks, payment service providers, mobile money operators, and others.

The apex bank noted that the new move falls in line with the newly enacted Cybercrime Amendment Act of 2024.

Moreover, the Office of the National Security Adviser (NSA) is set to manage the levy.

According to the CBN directives, the cybersecurity levy is set at 0.5% on the value of all electronic transactions. Also, every financial operator will remit the deducted levy to the National Cyber Security Fund.

Nigerians React To The New Cybersecurity Levy

With a high inflation rate of 33.2% in March, several Nigerians are complaining about the new cybersecurity levy.

Also, some gave vehement opposition to the initiative, stating it would skyrocket the cost of living in the country.

Moreover, many took to social media platforms to air their frustration about the new levy.

Victor Abiola took to X to question why the citizens should bear the operational costs for the CBN and NSA.

He queried whether the deduction would be for each transaction or a monthly charge.

Also, Abiola wondered how a citizen with a minimum wage of N30,000 would cope with such a levy.

Another X user, Akuabatalum, pointed out the percentage difference between the CBN and the Cybercrime Act.

The user noted that while the Act specified a 0.005% levy, the CBN imposed 0.5%.

Olumide Adesina believes that CBN should review the levy due to its potential negative impact on banks. He stated: “The CBN should review this levy, it will likely have a negative impact on banks, this is because the incentives to transact with financial institutions will reduce, it’s too expensive.

Notably, the implementation of the levy would have some challenges. However, only time will tell its implications on both businesses and citizens at large.

 

 

 

 

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