Cybersecurity Levy: CBN Suspends Cash Deposit Fees

• CBN suspends cash deposit fees until September 30, 2024.

• New directive mandates 0.5% cybersecurity levy on electronic transactions.

• Financial institutions deduct levy at transfer origin, remit to National Cybersecurity Fund.

EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has announced the suspension of cash deposit fees for customers until September 30, 2024.

This decision was conveyed through a memo dated May 6, 2024, signed by the bank’s director of banking supervision, Adetona Adedeji.

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CBN said,“Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019,”

“The Central Bank of Nigeria (CBN) hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.”

Cash Deposit Fees

Meanwhile, the Central Bank of Nigeria (CBN) has issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.

This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024. The directive, detailed in a circular dated June 25, 2024, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as “Cybersecurity Levy.”

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Financial institutions are required to start deductions within two weeks from the date of the circular and remit the accumulated levies monthly to the National Cybersecurity Fund (NCF), which is administered by the Office of the National Security Adviser (ONSA).

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