Still in the News, the Federal Government has directed commercial banks and other financial institutions to start charging a cyber security levy on Nigerians’ banking transactions.

The Apex Bank announced this on Monday, May 6, 2024, in a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation.

The circular, which was directed to all commercial, merchant, non-interest, and payment service banks, stated that the implementation of the levy would start in two weeks.

The new levy mandated by the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 applies to electronic transactions.

The levy will be deducted from the account of the originator of the electronic transaction.