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The Central Bank of Nigeria (CBN) has mandated a 0.5% Cybersecurity Levy deduction on electronic payments.
The CBN issued a circular yesterday directing that the deductions will be implemented within the following two weeks.
The circular, issued by Uzoma Efobi, Director of Payment Services, was sent to all banks and payment service providers in the country.
According to the CBN, deductions must be imposed at the time of transaction origination.
They will be collected and deposited in the CBN’s Cybersecurity Fund.
The apex bank warned that a defaulting institution might face a punishment of at least 2% of its annual revenue.
However, interbank transfers and loan transactions are exempt from the CBN cybersecurity levy.
cc: Vanguard Ng
