Banks for Nigeria go begin charge 0.5 percent cybersecurity levy for evri electronic transfer wey pesin do. Dis charges go start in two weeks time.
Na Central Bank of Nigeria, wey be di highest bank for di kontri give dis directive on Monday.
Di CBN make di announcement for one circular wey di Director of payments system management, Chibuzor Efobi and di Director of financial policy and regulation, Haruna Mustafa sign.
Inside di circular wey dem direct to all banks and payment services CBN tok say “di deduction and collection of di cybersecurity levy dey in-line wit di 2024 Cybercrime (prohibition, prevention etc) Amendment Act”
CBN say di Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 wey come under di provision of Section 44 (2)(a) of di Act, “a levy of 0.5% (0.005) wey dey equal to half percent of all electronic transactions value by di business wey dey specified for di second schedule of di Act, go go into di National Cybersecurity Fund (NCF), wey di Office of di National Security Adviser (ONSA) to administer
How much be 0.5 percent and which pipo e go affect?
Zero point 5 percent na less dan one percent of di money wey you dey transfer to anybody or business.
E mean say anytime you transfer N1,000 naira dem go remove N5.
If you transfer N10,000 dem go remove N50
If you transfer N100,000 you go pay N500
And if you send N 1,000,000 na N5,000 dem go charge you as cybersecurity levy.
If you transfer N10,000,000 Na 50,000 you go pay.
Even though dis levy go affect evribody wey dey do electronic transfers, e get some transfers wey dis levy no affect.
Di transfers wey dis levy no affect include;
- Loan disbursements and repayments-If bank wan give you loan or if you wan repay bank loan dem no go deduct dis levy.
- Salary payments- Dem no go deduct dis money wen pipo dey receive or pay salaries.
- Intra-account transfers- If you dey transfer money from di same bank or between different banks to di same customer e no go affect you.
- Intra-bank transfers: If you dey transfer to customers of di same bank e no go affect you too.
- Inter-branch transfers- Dis one na transfer for di same bak but different branches.
- Cheque clearing and settlements- Pipo wey wan clear cheques and oda settles dey free from dis charge.
- Letters of Credits and money wey concern or dey related to any Bank recapitalisation funding.
- Bulk funds movement from collection accounts, savings and deposits including transactions wey involving long-term investments no dey affected by dis levy.
- Education fees: Like school fees university school fees or any educational money no follow.
- Goment Social welfare like pensioners no go pay di levy. Non profit and charitable transactions too dey exempted.
Deposit fee don comeback
Di Central Bank of Nigeria also bring back Deposit fees as dem order all financial institutions to begin collect 2% charges (processing fees) for large deposits ova di counter.
Dis deposit fees don already start from 1 May, 2024 and banks and financial institutions don inform dia customer thru emails.
Di apex bank for Nigeria bring di charges back afta di temporary suspension expire on 30 April, 2024.
CBN bin suspend di charges to encourage pipo to bring out dia money dem to put for bank so dat dem fit control how money dey waka for di economy.
How much you go pay for deposit fee
As e be so, if you wan pay above N500,000 cash for bank dem go charge you N10,000 as an individual.
If you pay above 3,000,000 as a corporate organisation, bank go charge you 90,000.
Na for 2019 CBN bin give all banks directive to start to collect charges from customers wey dey deposit and withdraw plenti money.
Wetin goment wan use di money do
According to di CBN all financial institutions and banks go pay di money wey dem collect from di levies in bulk to di National Cybersecurity Fund (NCF) account wey dey for di CBN.
Na mostly Friday wey be di 5th business day of evri subsequent month dem go pay dis mlevies to di NCF account.
“Finally, all institutions under CBN regulations dey directed to note and comply wit di provisions of di Act and dis circular.”
CBN tok say any business wey fail to remit dis levy don commit offence wey dey liable on conviction to a fine of not less dan 2 percent of dia turnover evri year.
Reactions to di Cybersecurity levy
Pipo and organisations dey react to di 0.5 percent cybersecurity levy wey di Central Bank of Nigeria introduce.
Economic Rights group, SERAP and some Nigerians no agree wit di levy for all electronic transfers as many describe am as unjust.
Social media space including X, (formerly Twitter), dey hot as some pipo dey para sake of di plenty list of bank charges and levies wey authorities dey charge pipo by force.
Dis new cybersecurity levy add to oda plenti levies central bank dey sama pipo. Oda charges wey already dey exist na:
- ATM card maintenance fee
- Stamp duty
- Account maintenance levy.
- Value Added Tax on transfers.
- Interbank transfer commission.
- Electronic money transfer levy etc.
Tilewa Adebajo, CEO of CFG Advisory, one economic consulting firm, tok say make banks carry di cost of di cybersecurity structure as part of dia operating cost.
“I believe say dem no advise dem well and unfortunately for Nigerians, we no dey monitor dis Acts wey dem dey pass into di national assembly until dem implement am bifor we realise di impact.” oga Adebajo tell di BBC.
“Dis na anoda burden on di customer wey dey unnecessary” im add.
Di President Bola Tinubu administration dey try to widen di tax net, so dat dem go fit generate more revenues for di goment but many believe say dis fit further clear di savings of di population.
Since last April, di West African nation bin don fall to fourth place among di biggest economies for Africa.
South Africa, Egypt and Algeria tdey lead.
Nigerian economy dey suffer inflation currently wey don rise to 33.2% plus high cost of living.
Di removal of fuel subsidy and di way wey di Naira dey rise and fall dey make tin dey more difficult for Nigerians.
CBN put July 7 as deadline for PoS operators
Meanwhile, di Central Bank of Nigeria don give Point of Sales (PoS) operators July 7 deadline to complete dia registration wit di Corporate Affairs Corporation (CAC).
CBN announce di deadline for one event wey happun for Abuja, Nigeria capital on Tuesday wit Financial Technology (Fintech).
According to local media Channels TV, CAC oga Hussaini Magaji (SAN) tok say di two month timeline to register dia agents, merchants, and individuals wit di commission, dey “in line wit legal requirements and di directives of di Central Bank of Nigeria”.
CAC explain inside statement say “Di measure na to safeguard di businesses of Fintech customers and to make di economy strong,”
Im add say di action get di backing of Section 863, Subsection 1 of di Companies and Allied Matters Act, CAMA 2020, and di 2013 CBN guidelines on agent banking.
