CBN orders ‘Cybersecurity Levy’ deductions on electronic transfers
The Central Bank of Nigeria, CBN, has directed 0.005 percent Cybersecurity Levy deductions on electronic transfers.
The circular, issued by the Director of Payment Services, Uzoma Efobi, was addressed to all banks and payments services operators in the country.
According to the CBN, the deductions shall be applied at the transaction origination.
They will be put together and paid into the Cybersecurity Fund held by the CBN.
He apex bank warned that a defaulting institution could be fined to the tune of not less than two (2) percent of its annual turnover.