In a significant development, the Central Bank of Nigeria (CBN) has officially approved a new cybersecurity levy of 0.005% on all electronic transactions. This levy will be applied whenever money is transferred electronically, with the aim of strengthening the nation’s cybersecurity infrastructure.
The move comes as the CBN steps up efforts to address the growing concerns over cyber threats in Nigeria’s financial sector. With the increasing reliance on digital banking and online payments, the cybersecurity levy is seen as a necessary measure to enhance security and protect users from potential cyberattacks.
Effective immediately, customers will notice the 0.005% charge being deducted from their electronic transactions, in addition to regular transaction fees. The CBN assures the public that the funds collected from this levy will be directed towards bolstering cybersecurity systems and reducing the risk of fraud across all financial institutions.
Stay tuned for further updates on how this new policy may affect online banking and financial services in Nigeria.
