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The Central Bank of Nigeria (CBN) has confirmed the implementation of a 0.005% cybercrime levy on all electronic transactions for the 2024-2025 fiscal year, in accordance with its updated Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines. This levy, rooted in the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aims to fortify Nigeria’s cybersecurity infrastructure as the nation faces increasing cyber threats.
The new rate represents a significant reduction from the initially proposed 0.5% levy announced in May 2024. Banks and financial institutions are mandated to deduct the levy from all electronic transactions, with the funds earmarked for a cybersecurity fund designed to shield Nigeria’s banking sector from cyberattacks and strengthen its digital defenses.
Reaffirming its commitment, the CBN stated: “The CBN shall continue to enforce the payment of the mandatory levy of 0.005% on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”
In addition to the levy, the CBN reiterated the importance of maintaining stringent cybersecurity standards across the financial sector. Banks, Other Financial Institutions (OFIs), and Payment Service Providers (PSPs) are required to comply with the minimum cybersecurity guidelines outlined in the 2022 risk-based cybersecurity framework. This includes appointing Chief Information Security Officers (CISOs) to oversee and manage cybersecurity risks.
The guidelines state: “Banks and Payment Service Providers (PSPs) are mandated to adhere to the guidelines on the risk-based cybersecurity framework. A similar framework for Other Financial Institutions (OFIs) issued in June 2022 also requires compliance with minimum cybersecurity baselines and the appointment of a CISO to oversee cybersecurity issues.”
These initiatives are part of the CBN’s broader strategy to enhance the resilience of Nigeria’s financial institutions, ensuring robust defense mechanisms are in place to combat the rising threat of cybercrime.
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