Central Bank of Nigeria Reintroduces Controversial Cybersecurity Levy on Electronic Transactions

The Central Bank of Nigeria (CBN), the cybersecurity levy on electronic transactions has been revised from 0.5 per cent to a mere 0.005 per cent as part of the new fiscal guidelines for 2024-2025. This decision follows the earlier backlash and suspension of the levy by President Bola Tinubu in May 2024. The new levy, mandated by the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aims to bolster the National Cybersecurity Fund, managed by the Office of the National Security Adviser. In our discussion with Tech Analyst Temitayo Okuboyejo, we examine the potential effects of this reintroduction on consumers and businesses, the CBN's plans for effective utilisation of the funds, implications for financial inclusion, and the measures in place to ensure transparency and accountability.

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