WATCH THE VIDEO HERE The fresh charge is in addition to other existing levies Nigerians pay for making electronic transactions. Naijaonpoint reports that according to the CBN directive, banks in the country would start charging the cybersecurity levies in two weeks’ time. However, the apex bank exempted loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, and intra-bank transfers between customers of the same bank from the levy. Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credits, and Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings, and deposits, including transactions involving long-term investments, among others. Below is the list of charges Nigerians have to pay whenever they make electronic transfers. N5 is charged on the transaction of N1,000 N50 is charged on the transaction of N10,000 N500 is charged on the transaction of N100,000 N5,000 is charged on the transaction of N1,000,000 N50,000 is charged on the transaction of N10,000,000 N10 is being charged on the transaction below N5,000 N25 is being charged on the transaction between 5,001 and N50,000 N50 is being charged on transactions above N50,000 N50 is being charged on transactions between N10,000 and N10,000,000 N4 is being charged on each electronic transfer notification
The Central Bank of Nigeria (CBN) on Monday, issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators in the country, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.
1. Cybersecurity levy
2. Transfer fee
3. Stamp duties
4. Short Messaging Service (SMS)