By Aduragbemi Omiyale From May 20, 2024, Nigerians may have to pay a 0.5 per cent cybersecurity levy on electronic transfers as stipulated in the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024. On Monday, May 6, 2024, the Central Bank of Nigeria (CBN) in a circular directed all financial institutions, including commercial banks and others to deduct the fee on their service charge on electronic transfers through their platforms. The 0.5 per cent cuybersecurity levy will taken from the service charge of the financial institution from the originator of the transaction. However, the fee will not applicable on loan repayments,
Nigerians to Pay 0.5% Cybersecurity Levy on Electronic Transfers
