Banking & Finance

CBN Orders Cybersecurity Levy Deductions on Electronic Transfers

The Central Bank of Nigeria (CBN) has directed 0.5 percent Cybersecurity Levy deductions on electronic transfers. 

A circular issued by the CBN yesterday, directed the deductions would become effective from the next two weeks.

The circular, issued by the Director of Payment Services, Uzoma Efobi, was addressed to all banks and payments services operators in the country. According to the CBN, the deductions shall be applied at the transaction origination. They will be put together and paid into the Cybersecurity Fund held by the CBN.

The apex bank warned that a defaulting institution could be fined to the tune of not less than two (2) percent of its annual turnover. However, interbank transfers and loans transactions were exempted from the CBN cybersecurity levy.

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