Nigeria’s financial sector is set to undergo a significant change with the introduction of a cybersecurity levy on electronic transactions. This decision, communicated through a circular from the Central Bank of Nigeria (CBN) on May 6, 2024, comes as a response to the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
Under this new levy, deposit money banks, along with other financial institutions, will charge a 0.5% fee on the value of electronic transactions. This levy, mandated by Section 44 (2) (a) of the Act, aims to bolster the National Cybersecurity Fund (NCF) administered by the Office of the National Security Adviser (ONSA).
The implementation of the levy is scheduled to commence within two weeks from the issuance of the circular. Financial institutions will apply the levy at the point of electronic transfer origination, with the deducted amount clearly reflected in customers’ account statements as ‘Cybersecurity Levy’.
This move underscores a proactive approach by regulatory authorities and financial institutions to enhance cybersecurity measures within Nigeria’s digital ecosystem. It reflects a commitment to safeguarding the integrity of the nation’s financial infrastructure in the face of evolving cyber threats.
As Nigeria’s digital landscape continues to expand, initiatives like these are crucial for ensuring the resilience and security of the financial sector. Stay tuned for further updates on how this development shapes cybersecurity efforts within the Nigerian financial services industry.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
7th May, 2024
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