Central Bank of Nigeria (CBN) has mandated all banks to begin charging a cybersecurity levy on transactions. The levy is to be implemented in two weeks and is a follow-up on earlier letters emphasizing compliance with Cybercrimes (Prohibition, Prevention, Etc.) Act 2015. The Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 has provided for the levy of 0.5 per cent (0.005) equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act. READ ALSO Takeaways From Tinubu’s Trip to Riyadh…
Read MoreSee Exemptions To CBN’s Cybersecurity Levy
