CBN to now charge cybercrime levy at 0.005% in new guidelines

The Central Bank of Nigeria (CBN) has announced that it will continue enforcing the controversial cybercrime levy at 0.005% on all electronic transactions under its new guidelines for the 2024-2025 fiscal year.

This levy, which has sparked debate among Nigerians, is mandated by the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aimed at bolstering the nation’s cyber security infrastructure.

According to the new guidelines, the percentage has been reduced from 0.5% earlier announced in May 2024 to 0.005%.

In the recently released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 document, the CBN reaffirmed its commitment to this charge, requiring banks and other financial institutions to deduct the levy from all electronic transactions.

• Mpox: Gavi set to secure 500,000 vaccine doses for Africa
• Leveraging Call Recording in Business: Strategies, Tools, and Benefits

The revenue generated from this levy is directed towards a cybersecurity fund, intended to support measures that safeguard Nigeria’s banking system from the growing threat of cyberattacks.

The document read: “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”

CBN reconstituted the board of directors of Keystone Bank

A statement by the Keystone Bank indicated that Lady Ada Chukwudozie was appointed as the new board chairman.

Five other non-executive directors appointed are: Abdul-Rahman Esene, Mrs. Fola Akande, Akintola  Olusoji, Obijiaku Samuel, and Senator Farouk Bello.

The CBN also named two new executive directors, Ladi Oluwole and Abubakar  Bello.

Chukwudozie, a prominent figure in Nigeria’s corporate sector, brings nearly three decades of experience in business strategy, management, and administration.

Her expertise cuts across multiple industries, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria, and Vogue Afrique Magazine.

Esene, with over 43 years of experience in banking, investment management, and corporate finance, has held leadership roles in major institutions such as Fidelity Bank, Afrinvest, and Global Arbitrage International Inc

Keystone Bank’s Managing Director and CEO, Hassan Imam, expressed confidence in the new board members, stating that their wealth of experience would play a crucial role in the bank’s continued repositioning and growth.