The House of Representatives Thursday asked the Central Bank of Nigeria to withdraw the circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country, The Nation reports. The motion on the urgent need to halt and modify the implementation of the cybersecurity levy was moved by the member representing the Obio/Akpor Constituency, Kingsley Chinda. “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. “The CBN circular mandates all banks, other financial institutions and payments service providers to implement the Cybercrimes Act by applying the levy at the point of electronic transfer origination as “Cybersecurity Levy,” and remitting same.

Source: Punch May 09, 2024 16:24 UTC