Socio-Economic Rights and Accountability Project (SERAP) has issued a stern ultimatum to the Nigerian Government regarding the 0.5% cybersecurity levy imposed by the Central Bank of Nigeria.
In an official statement released on Tuesday, SERAP demanded the immediate reversal of the directive within 48 hours, threatening legal action if the government fails to comply.
“The Tinubu administration must promptly rescind the unlawfully imposed CBN directive enforcing section 44 of the Cybercrime Act 2024, which mandates a 0.5% ‘cybersecurity levy’ on Nigerians. Failure to do so will result in legal recourse,” the statement asserts.
The Central Bank of Nigeria (CBN) recently instructed deposit money banks to implement a 0.5% cybersecurity levy on transactions.
Outlined in a circular dated May 6, 2024, the apex bank mandated all commercial, merchant, non-interest, and payment service banks, alongside mobile money operators and payment service providers, to levy the charge.
Exceptions to the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank, inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credits, Banks’ recapitalisation-related funding, bulk funds movement from collection accounts, savings, deposits, and transactions involving long-term investments, among others.
The apex bank has recently imposed various financial measures, including halting fintech firms like Opay and Palmpay from onboarding new customers and directing banks to deduct a 0.375% stamp duty charge on all mortgage-backed loans and bonds.