Friday, April 17, 2026
26.8 C
Lagos

CBN Imposes 0.5% Cybersecurity Levy on E-Transfers, Exempts 16 Items

The Central Bank of Nigeria (CBN) has imposed a cybersecurity levy of 0.5 percent on all electronic transfers in the country following the enactment of the Cybercrime (Prohibition, Prevention etc) (Amendment) Act 2024.

In the circular announcing the levy, the apex bank stated that the levy shall be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).

According to the CBN, 16 items were exempted from the levy. These include loan disbursement and repayments, salary payments, intra-account transfers within the same bank, interbank placements, banks’ transfers to CBN and vice versa, letters of credit, cheques clearing and settlements etc.

spot_img
spot_img
spot_img

Hot this week

Nationwide Voting Platform Empowers Consumers to Rate Brands, Public Institutions Based on Real Value, Trust, Service Delivery

  https://consumervalue.vercel.app/nominate In a bold step to deepen consumer voice and...

PenOp Appoints Anthonia Okoro as Chief Executive Officer

Pension Fund Operators Association of Nigeria is pleased to...

RMRDC DG, Nnanyelugo Ike-Muonso, to Deliver 10th Bullion Lecture April 23

Professor Nnanyelugo Ike-Muonso, Director General/Chief Executive of Raw Materials...

NLNG Concludes 2026 VIBES Pitch-a-Thon, Disburses ₦250m in Business Grants

Presentation of a ₦250 million cheque to 51 beneficiaries...

Resolution of Failed Banks: NDIC Commences Process to Conclude the Liquidation of 89 MFBs & PMB

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the...

Topics

NCC Unveils New EVC/CEO, Aminu Maida

Aminu Maida Executive Vice Chairman/Chief Executive Officer Nigerian Communications Commission (NCC)   Dr....

FEMONOMICS & WENOMOMICS: Why Women are Driving Rethinking of the Sales Model (1)

When you recognise that women are not just the majority but actually the vast majority of consumers, and that their power is only going to increase, it completely changes the commercial urgency of getting to grips with women buyers. It’s extraordinary isn’t it how so much has been made of the emergence of China and India and of the impact of new technology on the world’s economic wellbeing – and yet a factor bigger than either of these dynamics has been comparatively ignored.

2023: Atiku Condemns Tinubu for Ignoring Lagos Chamber of Commerce Invitation

The Atiku Business Support Group (ABSG) has criticised the presidential...

JUMIA Seeks Better Infrastructure for e-Commerce in Africa

Francis Dufay, the Managing Director of JUMIA Côte d’Ivoire has called for better infrastructure to foster rapid and sustainable growth of the e-commerce sector in Africa. He said Côte d’Ivoire "has the basics of the different types of infrastructure" needed for e-commerce and "the challenge remains to improve each of these elements." E-commerce is based on four key infrastructures: Internet, logistics, payment and the legal framework. Although JUMIA managed to transcend the limitations inherent to each type of infrastructure, allowing it to route some 2,000 parcels daily, several points would benefit from qualitative evolutions; including: Logistics with a need for; better roads, 3PL offering the highest quality of service at competitive prices and a more comprehensive addressing system. Payment; where the widespread adoption of cashless payment methods such as mobile money for which JUMIA enjoys the expert support of MTN, should be encouraged. The regulatory and organisational framework could benefit from more education for stakeholders for a better understanding of contractual implications. And internet, whose penetration estimated at 8 million people in Côte d'Ivoire, remains curtailed.

Access Pensions Surpasses N1tn AUM Milestone

Access Pensions Limited, a subsidiary of Access Corporation, has...

Air Cote d’Ivoire to Commence Abuja Flights from February 1

Air Côte d’Ivoire just announced that direct flights from...

We, The Prisoners of DStv

Once upon a time, there was a homegrown payTV network in Nigeria named HiTV. Established in 2007, it later won the rights to the English Premiership League (EPL) which was the icing on the cake for it and its rising clientele. Unfortunately, the romance did not last. By 2010, the Toyin Subair-led HiTV was unable to renew and retain the EPL deal in a $100 million duel with Multichoice, the South African-owned operator of DStv. HiTV lost. DStv snatched the deal. But as we now know, HiTV was not the only loser. Nigerians also lost!

INEC Chair, Mahmood Yakubu, to Deliver GOCOP Annual Lecture Oct 6

Professor Mahmood Yakubu Chairman Independent National Electoral Commission (INEC) The Chairman...
spot_img

Related Articles

Popular Categories

spot_imgspot_img