In two weeks, Nigerian banks will begin deducting a 0.5% cybersecurity levy on customers’ transactions.
This is in obedience to CBN’s circular, which was issued on Monday, May 6, 2024, and directed to all commercial, merchant, non-interest, and payment service banks, among others.
The circular reads:
However, not all transactions will be part of the latest directive, and this includes
1. Loan disbursements and repayments
2. Salary payments
3. Intra-account transfers within the same bank or between different banks for the same customer
4. Intra-bank transfers between customers of the same bank
5. Other Financial Institutions (OFIs) instructions to their correspondent
6. Banks Interbank placements
7. Banks’ transfers to CBN and vice-versa
8. Inter-branch transfers within a bank
9. Cheques clearing and settlements
10. Letters of Credits (LCs)
11. Banks’ recapitalisation related funding â only bulk funds movement from collection accounts
12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
13. Government Social Welfare Programs transactions, e.g. Pension payments
14 Nonprofit and charitable transactions, including donations to registered non-profit organisations or charities.
15. Educational Institutions transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions.
