CBN Enforces Mandatory 0.005% Levy on Electronic Transactions to Strengthen Cybersecurity

Central Bank of Nigeria (CBN) has reaffirmed its commitment to enforcing the mandatory 0.005% levy on all electronic transactions conducted by banks and other financial institutions. This measure, introduced under the Cybercrime (Prohibition, Prevention, etc.) Act, 2015, is aimed at bolstering cybersecurity and protecting the nation’s financial infrastructure from cyber threats.

As outlined by the Act, the levy applies to all electronic transactions, ensuring that financial institutions contribute to the fight against cybercrime. The CBN emphasizes that compliance is mandatory for all banks and financial entities, as the funds collected will be used to prevent and combat cybercrime, safeguarding both businesses and consumers engaged in digital financial activities.

This initiative reflects Nigeria’s broader efforts to address the growing risks in the digital finance ecosystem and enhance the country’s capacity to prevent cyber attacks.