Some social media users across X, Facebook and Instagram, have bemoaned the newly introduced 0.5 per cent cybersecurity levy to be charged on all bank transactions.
The Central Bank of Nigeria on Monday, issued a circular to all commercial, merchant, non-interest, and payment service banks, among others; noting that the implementation of the levy would start two weeks from Monday, May 6, 2024.
The circular stated partly,
“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy.”
It’s worth noting that the levy will be paid by the originator of the electronic transaction and deducted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, “Cybersecurity Levy.”
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Thereafter, the levy will be deducted by financial institutions and then remitted to the National Cybersecurity Fund administered by the Office of the National Security Adviser.
Owing to the directive, while some netizens have complained the high rate of levies being paid to Nigerian banks, some others accused the President Bola Tinubu administration of lacking efficient economic strategies, while ‘milking’ the poor.
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