Nigeria’s Central Bank (CBN) announced that it is reintroducing a 0.005% levy on all electronic transactions conducted by banks and financial institutions under the “Cybercrime (Prohibition, Prevention, etc.) Act, 2015” on 17 September 2024.
Banks, payment service providers, and other financial institutions must promptly begin deducting the levy from all electronic transactions as stipulated by the Act.
This follows the Central Bank’s announcement of a 0.5% cybersecurity levy on all electronic transactions by banks and financial institutions in May 2024. However, the decision was postponed after it received a major backlash.
