On the 6th of May, 2024, the CBN issued a circular directing all banks, financial institutions, and payment service providers to remit 0.5% of all electronic transactions as cybersecurity levy to the National Cybersecurity Fund (NCF). Our article examined the scope of the guideline.

The circular has since its publication been met with mixed reactions on the grounds that the timing for implementing the said levy was inappropriate considering the current harsh economic realities within the country.

In response to the reaction of the general public, the CBN On 17th May 2024, issued another circular withdrawing the earlier one.

CONCLUSION

Based on the new directive with respect to the levy, the implication of this development is that banks, financial institutions, and payment service providers are no longer required to deduct and remit the 0.5% levy for the time being.

While it is uncertain as to whether or not the withdrawal of the levy is a temporary response to the public outcry against it, it is important that stakeholders remain on the lookout for any changes that may be effected in that regard.

For inquiries in this regard or on related legal matters, you may contact us HERE or through the Whatsapp icon and we’ll respond to you.

#CBN cybersecurity levy

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Cynthia Tishion

Cynthia is a lawyer and currently serves as Head of Corporate / Commercial Services at LEX – PRAXIS. With her passion for business and entrepreneurship, she is actively engaged in creating awareness on the legal aspect of businesses through various platforms such as writing, public speaking engagements.

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