The announcement of the Central Bank of Nigeria (CBN) cybersecurity policy regarding electronic transactions has triggered widespread concern among Nigerians, particularly given the current economic challenges.
In a recent circular, the Central Bank instructed all banks, mobile money operators, and payment service providers to enforce a new cybersecurity levy of 0.05 percent, aligning with the provisions of the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024.
During an interview on Nigeria Info’s Morning Crossfire, Olusoji Oluwole, the National President of the Association of Senior Staff of Banks, Insurance, and Financial Institutions, clarified that the central bank was not the originator of the cybersecurity levy, as commonly believed. Instead, it serves as a collection agent for remitting funds to the National Cybersecurity Fund (NCF), under the National Security Adviser (NSA) office.
Mr. Olusoji noted that the Cybercrime Act enacted in 2015, mandates banks to remit 0.05 percent of their total income from electronic transactions as a Cybersecurity levy.
He further explained that the implementation of the deduction began in 2018, with banks remitting funds to the NSA's office. However, in 2023, a federal lawmaker proposed an amendment to increase the levy.
Expressing scepticism, Mr Olusoji suggested that the amendment appears geared more towards revenue generation than addressing cybercrime. He raised concerns about the effectiveness of the levy collected in improving the country's security.
He questioned the rationale behind burdening citizens with a cybercrime levy when other budgetary provisions for cybersecurity initiatives already exist.
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