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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.
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