The Central Bank of Nigeria (CBN) has mandated all banks operating in the country to implement a cybersecurity levy on electronic transactions, effective two weeks from the announcement.

This levy is in accordance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015 and the Cybercrime (Prohibition, Prevention, etc.) (amendment) Act 2024.

Under the new legislation, a levy of 0.5% (0.005) is to be charged on all electronic transactions by businesses listed in the Second Schedule of the Act. This levy will be remitted to the National Cybersecurity Fund, managed by the Office of the National Security Adviser.

The CBN has instructed banks, financial institutions, and payment service providers to implement this directive. The levy will be applied at the point of electronic transfer origination and deducted from the customer’s account. The deduction will be reflected on the customer’s statement as “Cybersecurity Levy.”

This measure aims to enhance the cybersecurity posture of the Nigerian financial system and protect it from cyber threats and malicious attacks.