BREAKING: CBN directs all banks to impose a 0.5% cyber security levy on all transactions.

The Central Bank of Nigeria (CBN) has directed all banks to impose a 0.5% cyber security levy on all transactions.This directive from the CBN is aimed at enhancing cyber security measures within the banking sector in Nigeria. The levy is intended to help banks bolster their cyber security infrastructure and protect against increasing cyber threats and attacks that have become more prevalent in recent years.

The 0.5% cyber security levy will be applied to all electronic transactions conducted through banks in Nigeria. This includes but is not limited to transfers, payments, withdrawals, and other digital financial activities. The funds collected through this levy will be used by banks to invest in advanced cyber security technologies, training programs for staff, and overall strengthening of their cyber defenses.

Cyber security has become a critical concern globally, especially in the financial sector where sensitive data and large sums of money are at stake. By imposing this levy, the CBN is taking proactive steps to ensure that Nigerian banks are better equipped to prevent, detect, and respond to cyber threats effectively.

It is important for customers to be aware of this new levy as it may impact the cost of their electronic transactions. However, the ultimate goal is to create a more secure banking environment that protects both the institutions and their customers from potential cyber risks.