Loan Repayments, Salary Payments Among 16 Transactions Spared From CBN’s Cybersecurity Levy - Uju Ayalogu's Blog for News, Reviews, Articles and More

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Tuesday 7 May 2024

Loan Repayments, Salary Payments Among 16 Transactions Spared From CBN’s Cybersecurity Levy

Loan Repayments, Salary Payments Among 16 Transactions Spared From CBN’s Cybersecurity Levy

The Central Bank of Nigeria on Monday directed all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country.

The apex bank stated this in a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa.

The circular, which was directed to all commercial, merchant, non-interest, and payment service banks, among others; noted that the implementation of the levy would start two weeks from Monday, May 6, 2024.

“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 circular partly read.

However, the CBN has also outlined 16 specific banking transactions that will be exempted from the new cybersecurity levy.

1.Loan disbursements and repayments

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 instructions to their correspondent banks

6.Interbank placements,

7.Banks’ transfers to CBN and vice-versa

8.Inter-branch transfers within a bank

9.Cheque clearing and settlements

10.Letters of Credits

11.Banks’ recapitalisation-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 Programmes transactions e.g. Pension payments

14.Non-profit and charitable transactions, including donations to registered non-profit organisations or charities

15.Educational institutions’ transactions, including tuition payments and other transactions 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.

READ ALSO: ‘I appreciate Wike but can’t worship him’ – Gov Fubara

Source: TheNigeriaLawyer

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