CBN directs banks to charge 0.5% cybersecurity levy on transactions
The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.
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The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.
The new enforcement efforts aim at the operationalisation of the National Cybersecurity Fund, which targets 0.005 per cent of all electronic transactions by certain businesses patronised by most Nigerians.
"The paucity of funds and non-prioritisation National Cybersecurity Programme is becoming a major impediment to national security efforts and this critical challenge is inimical to national survival."
The Senate has expressed concerns over an annual loss of $500 million to various forms of cybercrime across the country.
It is imperative to strengthen the existing laws on cybercrime prohibition and prevention. In the past, certain individuals with