Cybersecurity levy will put more burden on poor Nigerians –SAN

Kunle Adegoke, a Senior Advocate of Nigeria, has said that poor Nigerians will bear the brunt of the 0.5 percent cybersecurity levy banks will charge on electronic transfers.

The Central Bank of Nigeria (CBN) had directed banks in the country to implement a 0.5 percent cybersecurity levy on electronic transfers.

Commenting on the development in an interview on Channels TV’s Politics Today, Adegoke said that poor Nigerians were already complaining on certain charges on their transactions.

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He said, “Why I feel the timing is not appropriate is this: the law being implemented by the CBN is the Cybercrime Act of 2015 which was recently amended in 2024. And the provision requiring that 0.5% be levied was contained in the 2015 Act.

“Now the directive by the CBN that 0.5% to be levied on every electronic transaction emanated from 2024 amendment act.

“With this position, one feels that the spectrum of society that is going to feel it much more will be the people in the lower rung of the economic ladder, whereas the rich and the elite may not feel it as much considering the amount that may be involved in the transactions to be carried out.

“The poor masses always have issues. They always complain that banks levy certain charges on their transactions.”