Following di enactments of cybersecurity Act 2024, CBN don pass a circular with di date 6th may 2024 to all commercial, merchant, non-interest and payment service banks to start to dey charge 0.5% fee as cybersecurity levy. Initially, wen dem bin first pass di cybersecurity act in 2015, di levy be 0.005%, but according to dis new development, e don increase to 0.5%. For example, anytime you make a transaction of N1000, dem go collect N5 and if you make N100,000 dem go collect N500.
Transactions wey no dey included na tuition fees (primary, secondary and tertiary institutions), loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank, cheque clearing, letters of credit, “savings and deposits including long-term investments” like treasury bills, bonds and commercial papers.
Di deductions go take place within two weeks from di date wen dem pass di circular to all financial institutions.
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