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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There's no government that has ever caused people pains in this country than this current one.
ReplyDeleteThe 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.