Uproar in Nigeria as CBN has directed all banks to start deducting 0.5% of any amount you transfer electronically.They termed it “cyber security levy”
This means that Banks will charge Nigerians for cyber transfer
₦5 on every ₦1,000
₦50 on every ₦10,000
₦500 on every ₦100,000
₦5,000 on every ₦1,000,000
₦50,000 on every ₦10,000,000
₦500,000 on every ₦100,000,000
This will commence in 2 weeks time: List of exemptions from cybersecurity charges:
1. Loan disbursements and repayments
2. Salary payments
3. Intra-account transfers within the same bank or between different banks for the same customer
4. Intra-bank transfers between customers of the same bank
5. Other Financial Institutions (OFIs) instructions to their correspondent
6. banks Interbank placements
7. Banks’ transfers to CBN and vice-versa
8. Inter-branch transfers within a bank
9. Cheques clearing and settlements
10. Letters of Credits (LCs)
11. Banks’ recapitalization related funding – only bulk funds movement from collection accounts
12. Savings and deposits including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
13. Government Social Welfare Programs transactions e.g. Pension payments
14. Non-profit and charitable transactions including donations to registered nonprofit organisations or charities.
15. Educational Institutions transactions, including tuition payments and other transaction involving schools, universities, or other educational institutions.
16. Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts
