By Busari Kabirat
The Central Bank of Nigeria, (CBN), has directed all banks to impose a 0.5% cybersecurity levy on all transactions.
The implementation of the levy shall be applied at the point of electronic transaction origination and should be deducted and remitted by the financial institution while the narration of the deduction should on the customer’s account reads “Cybersecurity Levy.”
The levy is to be remitted to the National Cybersecurity Fund, (NCF) and failure to do so according to Section 44 (8) of the Act prescribes that the offender is liable to conviction of fine not less than 2% of annual turnover of the defaulting business.
