It’s no longer news that the Central Bank of Nigeria has ordered cash deposit banks across the country to start charging a cybersecurity levy on transactions.
A circular issued by the CBN on Monday, said implementation of the levy would start two weeks.
The circular was directed to all commercial, merchant, non-interest and payment service banks, among others.
Grassroots Parrot had earlier reported that the deduction and collection of the cybersecurity levy is sequel to the enactment of the 2024 Cybercrime (prohibition, prevention etc) Amendment Act of 2024.
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However, the following list outlines a number of transactions that were exempted from the cybersecurity charges:
- Loan disbursements and repayments
- Salary payments
- Intra-account transfers within the same bank or between different banks for the same customer
- Intra-bank transfers between customers of the same bank
- Other Financial Institutions (OFIs) instructions to their correspondent
- Banks Interbank placements
- Banks’ transfers to CBN and vice-versa
- Inter-branch transfers within a bank
- Cheques clearing and settlements
- Letters of Credits (LCs)
- Banks’ recapitalization related funding – only bulk funds movement from collection accounts
- Savings and deposits including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
- Government Social Welfare Programs transactions e.g. Pension payments
- Non-profit and charitable transactions including donations to registered nonprofit organisations or charities.
- Educational Institutions transactions, including tuition payments and other transaction involving schools, universities, or other educational institutions.
- 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