Banks To Start Charging 'Cybersecurity Levy' (0.5%) On All Transactions...(See date)

The Central Bank of Nigeria (CBN) has issued a directive to all banks in the country to start deducting 0.5% 'Cybersecurity Levy' on all transactions. 

As contained in a circular dated May 6, 2024, by the apex bank, the new directive applies to all commercial, merchant, mobile money operators, and non-interest and payment service providers and banks.

The apex bank stated that the implementation of the new directive would take effect two weeks from the date of the circular (May 20).

The circular as released below;