₦airaland Forum

Amid the ongoing hardship ravaging Nigeria, deposit money banks in the country will now start charging 0.5% cybersecurity levy on transactions.

This was contained in a circular dated May 6, 2024 by Central Bank of Nigeria (CBN) to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2) (a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act’, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” the circular partly read.

The apex bank said that the implementation of the levy would start two weeks from the date of the circular.

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.”

meum:
People will go back to safekeeping money by burying it. Imagine 0.5% of 5 million. That’s 25k for cybersecurity alone

gbaskiboy:
Kuda, FairMoney, Opay, SmartCash are here to stay. With zero fee transfer when receiving and sending. Something that commercial banks can never do.

helinues:
It's because most of those Fintech banks don't have future. Some of the services they are providing are not just something feasible for normal banks to do

SocialJustice:
Say what you actually know.

Wait o.

1. Electronic transfer levy.
2. 35 naira per transaction after 3 withdrawals in a month. (Remember that all banks have programmed their ATMs to dispense only 10,000 naira max. So if you need more, you have no choice than to collect the 35 naira charge)
3. Card Maintenance
4. SMS charges

Now this

Businesses are now going to factor these charges in their prices.
You already know what that means

helinues:
It's because most of those Fintech banks don't have future. Some of the services they are providing are not just something feasible for normal banks to do

helinues:
My research was actually specific about Opay.. They have a blinking future. The traditional banks had their reasons for not just opening branches or having agents anyhow, it's the staff that will run the business down eventually because of scam and fraud.

Think on that, no more hints

lorenzobanks:
Reason why I don't keep my money with these useless bank. I have learn to keep my money in crypto and receive interest in it every day. Not only that I also get free auto investment to any newly launch crypto assets that would increase my earnings. I can teach people who really want to make money from crypto investment. Note: You can never loss money because this is not a trading thing rather saving and earn. Check my signature to connect with me.

helinues:
It's because most of those Fintech banks don't have future. Some of the services they are providing are not just something feasible for normal banks to do

okeyley:
I don't mind being my own central bank. I go just dig ground bury my money. If you wan pay me you pay Cash. No more transfers.


I cannot be funding Tinubu and shettima foreign trips and wild orgies.