The Central Bank of Nigeria (CBN) has announced plans to re-introduce and enforce the payment of the Cybersecurity Levy on electronic transactions by Nigerians.

This plan, announced in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 document released on Tuesday, September 17, stipulates that banks and other financial institutions must deduct the levy from all electronic transactions.

According to the document, the levy has been reduced from the 0.5% earlier announced in May 2024 to 0.005%.

“The CBN shall continue to enforce the payment of the mandatory levy of 0.005 percent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015,” the document states.

“The levy’s proceeds would go towards creating a cybersecurity fund specifically designed to bolster Nigeria’s banking sector’s defences against online attacks. The CBN stresses the significance of cybersecurity measures and requires payment service providers (PSPs), banks, and other financial institutions (OFIs) to comply with minimal cybersecurity standards.

“These standards include the appointment of Chief Information Security Officers (CISOs) to oversee cybersecurity compliance, in line with the 2022 risk-based cybersecurity framework.

“Pursuant to the circular titled ‘Issuance of Risk-based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Providers’ referenced BSD/DIR/GEN/LAB/11/25, and dated October 10, 2018, issued by the CBN to combat the increasing cyber security threat in the banking industry, banks and Payment Service Providers (PSPs) are mandated to adhere to the guidelines on the risk-based cyber security framework”, the document explains.

While the apex bank is yet to announce a date for the re-commencement of the charges, THEWILL recalls that the CBN had in May this year, instructed banks to start the deduction of the cybercrime fee from customers’ transactions.

President Bola Tinubu, however, directed the suspension of the policy for proper review following widespread public outrage by Nigerians who lamented the hardship they were already going through.

FreeStuffsNG:
The fee has been reduced very very significantly from 0.5% to 0.005% in order not to throw away the baby with the bath water and help FG deliver on the purpose meant for the fund.

0.005% on N100k (one hundred thousand naira) for example is a paltry N5 (five naira) so it makes absolute sense and fair enough in my opinion. There's so much at risk so there must be deliberate effort to sustain the security architecture around this crime.

May God bless Nigeria for ever! Check my signature for free stuffs!

jmoore:

FreeStuffsNG:
Instead of mixing ignorance with lies in order to bully others with a different opinion from your uncouth approach, go and read the whole essence of the cybercrime charge and how it will be managed. If you are truly a fan of sane clime, you will not make a fuss about this issue.

No poor man or woman in Nigeria will cry if 5 kobo is taken from his/her N1,000 to deliver on the mandate of the cybercrime charge. I have always been embarrassed by how on earth you want to use ignorance and lies to replace same people in authority you mock daily. Your ilk are no credible alternative at all.
Beyond insulting and scoffing, your ilk have nothing else to offer. Smh

NwaNimo1:
Lagos formula?

FreeStuffsNG:
Instead of mixing ignorance with lies in order to bully others with a different opinion from your uncouth approach, go and read the whole essence of the cybercrime charge and how it will be managed. If you are truly a fan of sane clime, you will not make a fuss about this issue.

No poor man or woman in Nigeria will cry if 5 kobo is taken from his/her N1,000 to deliver on the mandate of the cybercrime charge. I have always been embarrassed by how on earth you want to use ignorance and lies to replace same people in authority you mock daily. Your ilk are no credible alternative at all.
Beyond insulting and scoffing, your ilk have nothing else to offer. Smh

Recently, Tinubu’s government gave a nod to the implementation of cybersecurity levy of 0.5% on electronic transactions, which they said will be used to fight cybercrime.
Crime is crime, do Nigerians pay a certain levy to the police? Do Nigerians pay a certain levy to MTN, Glo, Airtel and 9mobile so they can protect their towers, fibre cables?
It is very worrisome that Nigerians will be forced to pay for the security of private companies. Maybe NERC should direct DISCOs to start charging protection levy on all customers so they can protect their transformers, wires, electric poles, etc.
Companies, public or private should take up the responsibility of protecting themselves with their own funds. It makes no sense to charge customers for this.
Let’s look at what is obtainable in developed countries.

Cyber insurance, also called cyber liability insurance or cybersecurity insurance, is a contract an entity can purchase to help reduce the financial risks associated with doing business online. In exchange for a monthly or quarterly fee, the insurance policy transfers some of the risks to the insurer.
Cybersecurity is not only for banks, any business that has a presence online is prone to cyberattacks.
In 2011, hackers breached Sony's PlayStation Network, exposing the personally identifiable information (PII) of 77 million PlayStation user accounts. The breach prevented users of PlayStation consoles from accessing the service, an outage that lasted for 23 days. Sony incurred more than $171 million in costs related to the breach. Portions of this cost could have been covered by a cyber insurance policy, but Sony didn't have one in place. A court case ruled that Sony's insurance policy covered damage to physical property only, leaving Sony to incur the full amount of costs related to cyber damages.

Investment in cybersecurity by businesses Businesses with presence online need to use their own funds to protect their company from cyberattacks. JPMorgan Chase shared that they spend about $600 million yearly to protect their business.

Finally, Tinubu’s government should abolish the cybersecurity act and discard it in the dustbin. The reason they gave that it will be used tackle cybercrimes and terrorism holds no water. It is obviously a poorly formulated way to impose more taxes on Nigerians.

Written by Jmoore

FreeStuffsNG:
Instead of mixing ignorance with lies in order to bully others with a different opinion from your uncouth approach, go and read the whole essence of the cybercrime charge and how it will be managed. If you are truly a fan of sane clime, you will not make a fuss about this issue.

No poor man or woman in Nigeria will cry if 5 kobo is taken from his/her N1,000 to deliver on the mandate of the cybercrime charge. I have always been embarrassed by how on earth you want to use ignorance and lies to replace same people in authority you mock daily. Your ilk are no credible alternative at all.
Beyond insulting and scoffing, your ilk have nothing else to offer. Smh

jmoore:


Epitome of ignorance!!

As of May, I created a topic to address it and presented what should be the alternative.

Stick to your free stuff bla bla bla..... Even your free stuff na fake.

No poor man will cry if 5 kobo is stolen from him. But when criminal steals 5 kobo times trillions times, the criminal will be laughing on how he has successfully scammed the people without them feeling the pain.




https://www.nairaland.com/8087615/cybersecurity-levy-misguided-policy-see

AfonjaMozlems:
The 40k that this man added to minimum wage has been completely removed plus extra.

AfonjaMozlems:
The 40k that this man added to minimum wage has been completely removed plus extra.

FreeStuffsNG:
The fee has been reduced very very significantly from 0.5% to 0.005% (almost zero percent!) in order not to throw away the baby with the bath water and help FG deliver on the purpose meant for the fund.

0.005% on N100k (one hundred thousand naira) for example is a paltry N5 (five naira) and N50 charge on N1 million naira so it makes absolute sense, low and fair enough in my opinion. Most transactions of the poor range between N1k and N100k so the highest a poor person will pay as cybercrime fee is N5 and lowest is 5 kobo!

There's so much at risk so there must be deliberate effort to sustain the security architecture around this crime.

May God bless Nigeria for ever! Check my signature for free stuffs!

FreeStuffsNG:
The fee has been reduced very very significantly from 0.5% to 0.005% (almost zero percent!) in order not to throw away the baby with the bath water and help FG deliver on the purpose meant for the fund.

0.005% on N100k (one hundred thousand naira) for example is a paltry N5 (five naira) and N50 charge on N1 million naira so it makes absolute sense, low and fair enough in my opinion. Most transactions of the poor range between N1k and N100k so the highest a poor person will pay as cybercrime fee is N5 and lowest is 5 kobo!

There's so much at risk so there must be deliberate effort to sustain the security architecture around this crime.

May God bless Nigeria for ever! Check my signature for free stuffs!