The Central Bank of Nigeria (CBN) has directed banks in the country to implement a 0.5 percent cybersecurity levy on electronic transfers. In a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation, the apex bank disclosed that the implementation of the levy would start in two weeks time. The circular was directed to all commercial, merchant, non-interest and payment service banks, among others. The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018…
Read MoreCBN INTRODUCES NEW 0.5% TAX ON BANK TRANSACTIONS, CALLS IT CYBERSECURITY LEVY
