This is a circular from the Central Bank of Nigeria (CBN) to all commercial merchant, non-interest and payment service banks; other financial institutions, mobile money operators and payment service providers.
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| Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso. Photo: cbn.gov.ng |
A part of the circular reads: “Following the enactment of the cybercrime (prohibition, prevention etc) (Amendment) Act 2024 and pursuant to the provision of the section 44 (2)(a) of the Act ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the second schedule of the Act’, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).”
The Circular in full:
