The Central Bank of Nigeria, CBN, has withdrawn its directive mandating banks and payment service providers to collect a cybersecurity levy.
The levy, outlined at 0.5 per cent of electronic transactions, was met with widespread criticism shortly after its announcement on 6th May 2024.
The CBN’s revised circular, dated 17th May 2024, instructs all commercial banks, payment service providers (PSPs), non-interest banks, and others to disregard the previous directive.
According to the latest circular, the initial circular on implementing the cybersecurity levy “is hereby withdrawn.”
This move follows nationwide pushback against the levy, with many arguing it would be an additional burden on customers already struggling with rising inflation.
The initial directive referenced provisions laid out in the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024. However, the Act itself has faced scrutiny, with the Federal Executive Council suspending its implementation for further review.
Ezinwanne Onwuka, senior staff reporter and columnist with WAP is a Nigerian-based writer and content developer. She holds a Bachelor of Arts degree in Philosophy from the prestigious University of Nigeria, Nsukka. Her interests include reading, writing, researching and graphic designing.
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