Suspend Implementation Of Cybersecurity Levy, Tinubu Orders CBN - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
May 13, 2024
This followed the resolution of the House of Representatives, which, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cyber-security levy on all electronic transactions in the country.
The Apex Bank on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cyber-security levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cyber-security Fund, overseen by the Office of the National Security Adviser