‘No Suspension Of Cybersecurity Levy’ – Reps Stand Firm, Echo CBN Directive

No Suspension Of Cybersecurity Levy’ – Reps Stands Firm, aligning with CBN’s directive.
CBN mandates 0.5% cybersecurity levy on electronic transactions for financial institutions.
Lawmakers express concern over levy’s timing and handling of funds, with Speaker Abbas urging further discussion on the matter.

EKO HOT BLOG reports that the House of Representatives has decided not to pursue the proposal to suspend the cybersecurity levy.

According to this online media platform, the Central Bank of Nigeria (CBN) issued a new directive to financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.

EDITOR’S PICKS

This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.

The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as a “Cybersecurity Levy.”

The cybersecurity levy has received criticism from Nigerians.

During Wednesday’s session, lawmaker Manu Soro expressed concern over the proposed levy, citing its inappropriate timing given the ongoing challenges facing many Nigerians.

The lawmakers argued that the National Security Adviser (NSA) should not be responsible for handling funds as it is a political role.

No Suspension Of Cybersecurity Levy’ – Reps Stands Firm, aligning with CBN’s directive.

CBN mandates 0.5% cybersecurity levy on electronic transactions for financial institutions.

Lawmakers express concern over levy’s timing and handling of funds, with Speaker Abbas urging further discussion on the matter.

EDITOR’S PICKS

FURTHER READING