FULL LIST: 16 banking transactions exempted from CBN’s new cybersecurity levy

The Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country excluding 16 listed banking deals.


According to a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; the cybersecurity would commence two weeks from May 6, 2024.


The apex bank, in the circular, directed to all commercial, merchant, non-interest, and payment service banks, among others; to start the implementation of the cybersecurity charges after two weeks of the information.


“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,’” the circular partly read.


However, the CBN listed 16 banking transactions exempted from the new cybersecurity levy.


The exempted transactions are listed below:


1. Loan disbursements and repayments


2. Salary payments


3. Intra-account transfers within the same bank or between different banks for the same customer


4. Intra-bank transfers between customers of the same bank


5. Other Financial Institutions instructions to their correspondent banks


6. Interbank placements,


7. Banks’ transfers to CBN and vice-versa


8. Inter-branch transfers within a bank


9. Cheque clearing and settlements


10. Letters of Credits


11. Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts


12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers


13. Government Social Welfare Programmes transactions e.g. Pension payments


14. Non-profit and charitable transactions, including donations to registered non-profit organisations or charities


15. Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions


16. Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

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  1. There's no government that has ever caused people pains in this country than this current one.
    The target of government is to injured people and they are always fast at it. But any attempt to smile at people is always slow. Example, minimum wage issue, up till now, there's no head way while people continue to suffer as many are dying of sickness, poverty, starvation etc.
    Politicians should better be telling us what they intends to do directly than to be doing the opposite afterwards.


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