Cybersecurity levy

2024 - 5 - 7

Nigeria's New Cybersecurity Levy: What You Need to Know

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Get the scoop on CBN's latest directive for banks to implement a cybersecurity levy on electronic transactions!

Nigeria is abuzz with news of the Central Bank of Nigeria (CBN) introducing a cybersecurity levy on electronic transactions. The levy, set at 0.5%, aims to bolster national cybersecurity measures. All financial institutions and banks are mandated to collect and remit this levy to the National Cybersecurity Fund. However, some netizens have expressed outrage, labeling the levy as extortion.

In a bid to exempt certain transactions, the CBN has listed 16 transaction types that are not subject to the cybersecurity levy. This move reflects the CBN's efforts to strike a balance between cybersecurity measures and minimizing financial burden on specific transactions. Despite the exemption list, the implementation of the levy on all electronic transactions is set to begin on May 20, sparking mixed reactions among Nigerians.

Amidst the controversy, President Bola Ahmed Tinubu's aide, Bayo Onanuga, clarified that the levy is actually 0.005% and not 0.5%, addressing some of the confusion surrounding the new cybersecurity fee. Additionally, analysts have raised concerns about the 900% increase in the cybersecurity fee on e-transfers, calling for a reevaluation of the levy's impact on electronic transactions in Nigeria.

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Image courtesy of "Nairametrics"

Here are 16 transaction types exempted from CBN's cybersecurity levy (Nairametrics)

The Central Bank of Nigeria (CBN) on Monday directed banks to start the process of deducting cybersecurity levy to be administered by the office of the ...

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Image courtesy of "BBC News"

Cyber security levy: How 0.5% National cybersecurity fund CBN ... (BBC News)

According to di CBN all financial institutions and banks go pay di money wey dem collect from di levies in bulk to di National Cybersecurity Fund (NCF) ...

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Image courtesy of "TechCabal"

Nigeria raises levy on e-transfers by 900%, analysts call for a ... (TechCabal)

Nigeria's Central Bank will begin the implementation of a cybersecurity fee on all electronic transactions on May 20.

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Image courtesy of "Daily Post Nigeria"

CBN mandates all banks to collect, remit 0.5% cybersecurity levy to ... (Daily Post Nigeria)

The Central Bank of Nigeria, CBN, has asked all banks in Nigeria to collect and remit a 0.5 per cent cyber security levy to the office of the National.

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Image courtesy of "Leadership Newspaper"

16 Bank Transactions Exempted From CBN's New Cyber Security ... (Leadership Newspaper)

In a significant move, the Central Bank of Nigeria (CBN) has issued a directive for all banks to implement a 0.5% cybersecurity levy on all electronic.

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Image courtesy of "The Punch"

'This is extortion,' Netizens lament CBN's new cybersecurity levy (The Punch)

Some social media users across X, Facebook and Instagram, have bemoaned the newly introduced 0.5 per cent cybersecurity levy.

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Image courtesy of "CIO Africa"

Nigerian Banks To Charge 0.5% Cybersecurity Levy (CIO Africa)

The Central Bank of Nigeria (CBN) has instructed banks and financial institutions to impose a 0.5 percent cybersecurity levy on electronic transfers.

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Image courtesy of "Daily Post Nigeria"

Cybersecurity levy 0.005% not 0.5% – Tinubu's aide Onanuga ... (Daily Post Nigeria)

Bayo Onanuga, the spokesperson to President Bola Ahmed Tinubu, has clarified that the recently introduced cybersecurity levy to all banks and financial.

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Image courtesy of "Leadership Newspaper"

5 Things To Know About CBN's Cybersecurity Levy To Be Paid By ... (Leadership Newspaper)

In a significant move to bolster national cybersecurity, the Central Bank of Nigeria (CBN) has issued a directive to all banks and financial institutions ...

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Image courtesy of "The Punch"

EXPLAINER: What 0.5% (0.005) cybersecurity levy mean (The Punch)

The Central Bank of Nigeria on Monday ordered banks operating in the country to start charging a cybersecurity levy on transactions.

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Image courtesy of "Vanguard"

Cybersecurity Levy: Reverse it now or.... NANS tells FG (Vanguard)

The National Association of Nigerian Students, NANS, has called on President Bola Tinubu to without delay order the reversal of the Cybersecurity Levy ...

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Image courtesy of "TheCable"

EXPLAINER: Is it 0.5% or 0.005%? Who pays? Confusion trails new ... (TheCable)

Following the directive by CBN to financial institutions for the implementation of the cybersecurity levy on all electronic transactions.

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Image courtesy of "Premium Times"

Nigerians react to new 0.5% cybersecurity levy (Premium Times)

The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.

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Image courtesy of "Nairametrics"

NLC rejects CBN's 0.5% cybersecurity levy, calls for policy reversal (Nairametrics)

The Nigeria Labour Congress (NLC) has opposed the Central Bank of Nigeria (CBN)'s directive for all financial institutions to impose a 0.5% cybersecurity ...

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Image courtesy of "Businessday.ng"

Cybersecurity levy seen stunting e-payment growth in Nigeria ... (Businessday.ng)

Cybersecurity Levy: Nigeria's thriving e-payment sector, worth N600 trillion in 2023, faces a potential setback in the form of multi...

Controversy trails CBN's cybersecurity levy on electronic transactions (Vanguard)

Controversy has trailed the introduction of the 0.5 per cent cybercrime levy on all electronic transactions with Nigerian Association of Chambers of ...

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Image courtesy of "Nairametrics"

Explainer: Is CBN's cybersecurity levy 0.5% or 0.005%? (Nairametrics)

In a 2018 CBN circular in March 2018, the apex bank said “all banks are hereby directed to comply with the statutory provision for the collection and remittance ...

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Image courtesy of "The Punch"

Cybersecurity levy: Intent, timing right, but strategic communication ... (The Punch)

A former member of the House of Representatives, Aliyu Gebi, has shared insights on the recent directive from the Central Bank of Nigeria requiring banks to ...

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Image courtesy of "Vanguard"

Cyber security levy'll push more Nigerians into poverty - Peter Obi (Vanguard)

The presidential candidate Peter Obi, has described the newly introduced cyber security levy by the Tinubu government as one tax too many.

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Image courtesy of "Internatinal Centre For Investigative Reporting"

Despite 16 exemptions, Nigerians demand review of cybersecurity ... (Internatinal Centre For Investigative Reporting)

The CBN said the policy would take effect in two weeks, adding that the charges would be remitted to the National Cyber Security Fund, which would be ...

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