June 7, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Thursday directed banks to comply with the remittance of the cybercrime levy on all electronic transactions by the businesses specified in the second schedule of the Cybercrime prohibition and prevention Act.
A circular released by the CBN says banks are mandated to pay 0.005 percent levy into the National Cyber Security Fund domiciled at the CBN.
“Pursuant to the provisions of Section 44 (S.1and 2) of the Cybercrime [Prohibition, Prevention, etc.], Act 2015, which established the National Cyber Security Fund and mandated the payment of a levy of 0.005 percent into the Fund Account in the Central Bank of Nigeria, a National Cyber Security Fund account has been opened and domiciled in the Central Bank of Nigeria,” the circular affirmed.
According to the apex bank, the businesses specified in the second schedule of the Cybercrime prohibition and prevention Act include, GSM Service Providers and all telecommunication companies; Internet Service Providers; Banks and Other Financial Institutions; Insurance Companies and the Nigerian Stock Exchange.
“All levies imposed under the Act should be remitted to the CBN within a period of 30 days after collection. This directive takes immediate effect,” the circular signed by Thompson Sunday on behalf of director of Banking Supervision at the CBN said.
