Yesterday, the Central Bank of Nigeria ordered the new implementation of a 0.5% levy on all electronic transactions as part of its effort to address the high rate of cybercrime in the financial system.
The implementation follows the enactment of the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, which provided for the rate deduction.
The development was announced in a circular from the CBN on May 6, 2024, forwarded to all commercial, merchant, non-interest, and payment service banks, other financial institutions, Mobile Money Operators, and Payment Service Providers, and jointly signed by the CBN Director, Payments System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustafa.
According to a report, the correspondence also postdates CBN's circulars of June 25, 2018, and October 5, 2018, on compliance with Cybercrimes (Prohibition, Prevention, etc..) Act 2015.
The apex bank stated that the deducted funds would be remitted to the National Cybersecurity Fund (NCF), administered by the Office of the National Security Adviser (ONSA).
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