Check Out High Amounts Nigerians Will Pay For CBN’s Cybersecurity Charges

The Central Bank of Nigeria (CBN) has mandated all banks operating in the country to enforce a cybersecurity levy on transactions, according to a circular released on Monday, May 6th.

The levy’s implementation is set to commence two weeks from the circular’s issuance and applies to commercial, merchant, non-interest, and payment service banks.

This directive follows up on previous correspondences dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), regarding compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

Here’s a breakdown of the charges Nigerians will incur for electronic transactions:

Cybersecurity levy: This will be charged at 0.5% on every transaction, with specific amounts as follows:

– N5 for transactions of N1,000
– N50 for transactions of N10,000
– N500 for transactions of N100,000
– N5,000 for transactions of N1,000,000
– N50,000 for transactions of N10,000,000

Other levies Nigerians pay include:

1. Transfer fee:

– N10 for transactions below N5,000
– N25 for transactions between N5,001 and N50,000
– N50 for transactions above N50,000

2. Stamp duties:

– N50 for transactions between N10,000 and N10,000,000

3. Short Messaging Service (SMS):

– N4 for each electronic transfer notification (applicable to eligible electronic transactions only; customers opting for email notifications are exempt)

4. Value Added Tax (VAT):

– N0.75 on the N10 transfer fee
– N1.875 on the N25 transfer fee
– N3.75 on the N50 transfer fee.