Cybersecurity Levy: Man Breaks Silence as CBN Tells Banks to Start Deductions From Transfers

• A Nigerian man has asked some questions concerning the directives issued by the CBN on cybersecurity levy deductions
• The man, Morris Monye, asked to know why the monetary deductions and what purpose they would serve
• The CBN asked banks to start the deductions within two weeks, yanking it off from every bank transfer made by Nigerians

As the cybersecurity levy is about to kick off, a Nigerian man has asked what the deductions are for.

According to the directives issued by the Central Bank of Nigeria (CBN), all banks in the country are to deduct the levy from bank transfers.

What is the cybersecurity levy on bank transfers?

The CBN based its directives to the banks on the Cybercrime Prohibition, Prevention, etc. (Amendment) Act 2024.

Read also

Sowore reacts as CBN directs banks to impose 0.5% cybersecurity levy on all transactions

Part of the directive reads:

“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 per cent 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, which shall be administered by the Office of the National Security Adviser.”

When will the cybersecurity levy deductions start?

The cybersecurity levy deductions are to commence within two weeks after the CBN's directives to banks.

However, some Nigerians are asking questions for a better understanding of the eminent deductions which is to be paid by the originator of electronic transfers.

In a post on X, Morris Monye asked:

"The monies is to be remitted to the office of the National Security Adviser. Why please? What’s the purpose?"

Read also

Access, UBA, Zenith, others to begin 0.5% cybersecurity levy debits on customers' bank account

See his post below:

Reactions to cybersecurity levy

@DiohaRachael said:

"Na to dig ground hide my money. I can't continue like this. Let me reverse to old method."

@Akpotin1 said:

"Jesus Christ!!! As usual, we will scream online and do nothing about it."

@PhotosbyOche said:

"So basically anything we transfer money now the government gets a cut, this is where we are now in history."

Banks to debit debtors' bank accounts

Legit.ng earlier reported that the CBN governor, Olayemi Cardoso, revealed that over N10 trillion has been loaned to customers under various intervention schemes.

CBN data showed that between September and October 2022, the apex bank disbursed about N41.02 billion to several agricultural projects under the Anchor Borrowers' Programme (ABP).

The total disbursement under the ABP scheme amounts to N1.07 trillion, which is distributed to about 4.6 million smallholder farmers growing 21 commodities nationwide.

Source: Legit.ng