Home » CBN orders ‘Cybersecurity Levy’ deductions on electronic transfers

CBN orders ‘Cybersecurity Levy’ deductions on electronic transfers

by John Ojewale
0 comment

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

You may also like

Leave a Comment

About Us

NaijaPr blog is a social media blog, a product of Randomz Digital Marketing Ltd, a company established in 2013.  Read More

Userful Links

Latest Articles

Copyright 2015 – 2024. All Right Reserved by Randomz Digital Marketing LTD. | Website by Webpadi