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CBN Directs Banks To Comply With Cybercrime Act Provisions

The Central Bank of Nigeria (CBN) has mandated all banks to comply with the statutory provision for the collection and remittance of the 0.005% levy on all electronic transactions by the businesses specified in the second schedule of the Cybercrime (Prohibition, Prevention, etc.) Act

The apex bank gave this directive today in a Circular BSD/DIR/GEN/LAB/11/006 March 1, 2018, signed by Mr. Thompson O. Sunday, for the  Director Of Banking Supervision.

Titled  ‘Letter To All Banks Compliance With The Cybercrime (Prohibition, Prevention, Etc.), Act 2015: Collection And Remittance Of Levy For The National Cybersecurity Fund’, the circular stated that  “pursuant to the provisions of Section 44 (S.1and 2) of the Cybercrime [Prohibition, Prevention, etc.], Act 2015, which established the National Cyber Security Fund and mandated the payment of a levy of 0.005% into the Fund Account in the Central Bank of Nigeria, a National Cyber Security Fund account has been opened and domiciled in the Central Bank of Nigeria.

“Consequently, all banks are hereby directed to comply with the statutory provision for the collection and remittance of the 0.005% levy on all electronic transactions by the businesses specified in the second schedule of the Cybercrime (Prohibition, Prevention, etc.) Act.

The CBN listed the statutory provision for the collection and remittance of the 0.005% levy on all electronic transactions by the businesses specified in the second schedule as including, GSM Service Providers and all telecommunication companies; Internet Service Providers; Banks and Other Financial Institutions; Insurance Companies; and Nigerian Stock Exchange.

It directed that all levies imposed under the Act should be remitted to the CBN within a period of 30 days after collection, adding that the directive takes immediate effect.

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