Nigerians express frustration as CBN mandates banks to impose a 0.5% cybersecurity levy on all electronic transactions, deeming it unjust.
Starting May 20, 2024, the Central Bank of Nigeria mandates a cybersecurity levy of 0.5% on all electronic transactions, directing funds to the National Cybersecurity Fund. This marks a significant increase from the previous 0.005% fee. Financial institutions, including mobile money operators and banks, must complete system reconfigurations within four to eight weeks or face fines of at least 2% of annual turnover for non-compliance. Certain transactions, such as salary payments and educational expenses, are exempt. Nigerians criticize this levy, citing its impact on digital banking and expressing frustration with ongoing financial pressures.
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