Cybersecurity levy: 0.5% National cybersecurity fund CBN introduce for NSA, deposit fee for banks – wetin e mean | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

Wia dis foto come from, Getty

Wetin we call dis foto, Collage foto of online banking and naira notes

Banks for Nigeria go begin charge 0.5 percent cybersecurity levy for evri electronic transfer wey pesin do. Dis charges go start in two weeks time.

Na Central Bank of Nigeria, wey be di highest bank for di kontri give dis directive on Monday.

Di CBN make di announcement for one circular wey di Director of payments system management, Chibuzor Efobi and di Director of financial policy and regulation, Haruna Mustafa sign.

Inside di circular wey dem direct to all banks and payment services CBN tok say “di deduction and collection of di cybersecurity levy dey in-line wit di 2024 Cybercrime (prohibition, prevention etc) Amendment Act”

CBN say di Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 wey come under di provision of Section 44 (2)(a) of di Act, “a levy of 0.5% (0.005) wey dey equal to half percent of all electronic transactions value by di business wey dey specified for di second schedule of di Act, go go into di National Cybersecurity Fund (NCF), wey di Office of di National Security Adviser (ONSA) to administer”

CBN explain say di directive no just showface, but na follow-up of one letter wey dem bin write since June 25, 2018 and October 5, 2018 on compliance wit di Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

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How much be 0.5 percent and which pipo e go affect?

Zero point 5 percent na less dan one percent of di money wey you dey transfer to anybody or business.

E mean say anytime you transfer N1,000 naira dem go remove N5.

If you transfer N10,000 dem go remove N50

If you transfer N100,000 you go pay N500

And if you send N 1,000,000 na N5,000 dem go charge you as cybersecurity levy.

If you transfer N10,000,000 Na 50,000 you go pay.

Even though dis levy go affect evribody wey dey do electronic transfers, e get some transfers wey dis levy no affect.

Di transfers wey dis levy no affect include;

Loan disbursements and repayments-If bank wan give you loan or if you wan repay bank loan dem no go deduct dis levy.

Salary payments- Dem no go deduct dis money wen pipo dey receive or pay salaries.

Intra-account transfers- If you dey transfer money from di same bank or between different banks to di same customer e no go affect you.

Intra-bank transfers: If you dey transfer to customers of di same bank e no go affect you too.

Inter-branch transfers- Dis one na transfer for di same bak but different branches.

Cheque clearing and settlements- Pipo wey wan clear cheques and oda settles dey free from dis charge.

⁠Letters of Credits and money wey concern or dey related to any Bank recapitalisation funding.

Bulk funds movement from collection accounts, savings and deposits including transactions wey involving long-term investments no dey affected by dis levy.

Wetin goment wan use di money do

According to di CBN all financial institutions and banks go pay di money wey dem collect from di levies in bulk to di National Cybersecurity Fund (NCF) account wey dey for di CBN.

Na mostly Friday wey be di 5th business day of evri subsequent month dem go pay dis mlevies to di NCF account.

“Finally, all institutions under CBN regulations dey directed to note and comply wit di provisions of di Act and dis circular.”


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National Cyber Security