The Central Bank of Nigeria has reduced the cybersecurity levy on electronic transactions from 0.5 per cent to 0.005 per cent in its new fiscal guidelines for 2024-2025.
This reduction follows the controversial introduction of the levy earlier in the year, which was met with opposition from both the Nigeria Labour Congress, Trade Union Congress, and bank customers.
“The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, by the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”
The levy, introduced under the Cybercrime (Prohibition, Prevention, etc.) Act 2015 amended in 2024, is set to support the National Cybersecurity Fund, administered by the Office of the National Security Adviser. The 0.005 per cent fee will be charged on all electronic transactions conducted by commercial, merchant, non-interest, and payment service banks, among others.
