The Central Bank of Nigeria (CBN) has issued a directive to all financial establishments, mandating the implementation of a cybersecurity levy amounting to 0.5 percent on all electronic transfers.
This directive was communicated through a statement released on Monday, signed by Chibuzor Efobi, the Director of Payments System Management, and Haruna Mustafa, the Director of Financial Policy and Regulation.
The cybersecurity levy is intended to provide additional funding for the development and maintenance of robust security measures to protect the country’s financial system from cyber threats. This comes as Nigeria, like many other nations, grapples with the growing challenge of cybercrime and the need to safeguard its digital infrastructure.
By imposing the 0.5 percent levy on electronic transfers, the CBN aims to generate the necessary resources to invest in advanced security technologies, training programs for financial sector personnel, and the implementation of comprehensive cybersecurity protocols across the industry.
The move is expected to enhance the overall resilience of Nigeria’s financial system, instilling greater confidence in digital transactions and protecting consumers from the potential impact of cyber attacks. Financial institutions have been directed to comply with the new directive, ensuring the seamless implementation of the cybersecurity levy.
This initiative by the CBN underscores the importance of proactive measures to address the evolving cybersecurity landscape and reinforces Nigeria’s commitment to maintaining the integrity and security of its financial ecosystem in the digital age.
