CBN Announces Cybersecurity Levy on E-Transfers
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CBN Announces Cybersecurity Levy on E-Transfers |
The Central Bank of Nigeria (CBN) has mandated a 0.5% cybersecurity levy on electronic transfers to support the National Cybersecurity Fund (NCF). This directive is part of the efforts to bolster cybersecurity measures in the financial sector.
Here are the key points:
-Implementation: The levy will be implemented within two weeks from the circular's date.
-Monthly Remittance: Banks must remit the collected levies to the NCF account at the CBN by the 5th business day of each month.
-Exemptions: Certain transactions like loan disbursements, salary payments, and intra-bank transfers are exempt from the levy.
-Compliance: All financial institutions under CBN's purview are required to comply with this directive.
The move aims to enhance cybersecurity infrastructure and protect against cyber threats. However, it has raised concerns about the potential impact on consumers, especially those who frequently use electronic transactions. The CBN emphasizes the importance of this levy in safeguarding the financial system against cybercrimes.
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