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The Central Bank of Nigeria (CBN) has reaffirmed its commitment to enforcing the cybercrime levy on all electronic transactions, setting the charge at 0.005% under its updated guidelines for the 2024-2025 fiscal year. The levy, implemented under the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, is designed to enhance Nigeria’s cybersecurity infrastructure and protect the financial system from the increasing threat of cyberattacks.
This updated charge, which had previously been announced at 0.5% in May 2024, has now been reduced to 0.005%, in response to public feedback and ongoing discussions. Despite its controversial nature, the CBN has continued to emphasize the importance of this levy in building a robust cybersecurity framework for Nigeria’s financial institutions.
In the newly released “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025,” the CBN reiterated that all banks and financial institutions are required to deduct the 0.005% levy from all electronic transactions. The revenue generated will be allocated to a cybersecurity fund, aimed at supporting efforts to fortify the country’s banking system against cyber threats.
The CBN’s statement read: “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.”
This initiative reflects the CBN’s focus on maintaining the security of Nigeria’s growing digital economy while ensuring the resilience of its financial institutions in the face of rising cyber risks.
At the same time, Keystone Bank, a key player in Nigeria’s banking industry, has restructured its board of directors under the oversight of the CBN. Ada Chukwudozie has been appointed as the new board chairman, alongside five non-executive directors: Abdul-Rahman Esene, Fola Akande, Akintola Olusoji, Obijiaku Samuel, and Senator Farouk Bello. In addition, Ladi Oluwole and Abubakar Bello have been named as executive directors.
Chukwudozie brings nearly three decades of leadership experience in business strategy and management, spanning multiple sectors, including De-Endy Industrial Company Limited, Dozzy Group, and the Manufacturers Association of Nigeria. Esene, with over 43 years of experience in banking and investment management, has held senior roles at institutions like Fidelity Bank and Afrinvest.
Keystone Bank’s Managing Director, Hassan Imam, expressed confidence in the new board, stating that their expertise will be instrumental in driving the bank’s ongoing growth and strategic repositioning within the Nigerian banking sector.
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