The Central Bank of Nigeria (CBN) recently ordered all banks to start charging a 0.5 percent cybersecurity levy on all electronic transactions within the country, excluding 16 listed banking deals.
The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.
The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy.
The current cost of electronic transfers in Nigeria will increase starting from May 20, 2024.
According to #StatiSense, Here is the real cost of transferring N10,000
SENDER: Cybersecurity levy: ₦50
Transfer fee: ₦25 7.5%
VAT fee: ₦1.88
SMS Notification: ₦4
Total cost to Sender: ₦80.88
RECEIVER:
Stamp duty (EMTL): ₦50
SMS Notification: ₦4
Total cost to Receiver: ₦54
TOTAL COST: ₦134.88
Sender: ₦80.88
Receiver: ₦54
Both Sender & Receiver bear ₦134.88 as the transfer cost of ₦10,000. Real value exchanged: ₦9,865.12.
However, the House of Representatives on Tuesdays ‘ plenary suspended the commencement of the charges till further notice.
