New Cybersecurity Levy Adds To List Of Charges For Electronic Transactions In Nigeria

New Cybersecurity Levy Adds To List Of Charges For Electronic Transactions In Nigeria

The Central Bank of Nigeria (CBN) has introduced a new directive, adding a 0.5% cybersecurity levy to electronic transactions, further burdening Nigerians with additional charges. This levy, effective in two weeks, applies to all financial institutions, including banks, payment service providers, and mobile money operators…..READ ALSO SERAP Gives Tinubu-Led Administration 48-Hour Ultimatum To Revoke Cybersecurity Levy Directive

However, certain transactions are exempt from this levy, such as loan disbursements and repayments, salary payments, and intra-account transfers within and between banks for the same customer. Additionally, inter-branch transfers within a bank, cheque clearing, and settlements are exempt.

Apart from the new cybersecurity levy, Nigerians already face various charges for electronic transactions, including transfer fees and stamp duties. Below is a breakdown of the charges incurred:

1. **Cybersecurity Levy**: Ranging from N5 for transactions of N1,000 to N50,000 for transactions of N10,000,000.

2. **Transfer Fee**: N10 for transactions below N5,000, N25 for transactions between N5,001 and N50,000, and N50 for transactions above N50,000.

3. **Stamp Duties**: N50 for transactions between N10,000 and N10,000,000.

4. **Short Messaging Service (SMS) Notification**: N4 per electronic transfer notification.

As Nigerians adapt to the new levy, the cumulative effect of these charges on electronic transactions raises concerns about affordability and financial inclusion in the country.

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