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The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on transactions. This was contained in a circular dated May 6, 2024 by the apex bank to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers.
The Central Bank of Nigeria (CBN), on Monday, directed banks and other financial institutions to start charging a cybersecurity levy on all banking
The Central Bank of Nigeria, on Monday, directed banks and other financial institutions to start charging a cybersecurity levy on all banking
The CBN says the deduction of the levy will begin within two weeks from the date of the circular. | Pulse Nigeria
The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.