The Central Bank of Nigeria, CBN, on Monday, mandated all banks in Nigeria to collect and remit a 0.5 per cent cyber security levy to the office of the National Security Adviser.
This notice was made public through the apex bank’s directors of Payment System Management and Financial Policy and Regulation Departments, Chibuzor Efobi and Haruna Mustafa
Below is the list of exemptions from cybersecurity charges:
1. Loan disbursements and repayments
2. Salary payments
3. Intra-account transfers within the same bank or between different banks for the same customer
4. Intra-bank transfers between customers of the same bank
5. Other Financial Institutions (OFIs) instructions to their correspondent
6. banks Interbank placements
7. Banks’ transfers to CBN and vice-versa
8. Inter-branch transfers within a bank
9. Cheques clearing and settlements
10. Letters of Credits (LCs)
11. Banks’ recapitalization related funding – only bulk funds movement from collection accounts
12. Savings and deposits including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
13. Government Social Welfare Programs transactions e.g. Pension payments
14. Non-profit and charitable transactions including donations to registered nonprofit organisations or charities.
15. Educational Institutions transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions.
16. 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.
