Nigeria: Central Bank of Nigeria's circular regarding implementation guidance on collection and remittance of the national cybersecurity levy enters into force

On 1 July 2024, The Central Bank of Nigeria (CBN)'s circular Ref: PSM/DIR/PUB/LAB/017/004 regarding the implementation guidance on the collection and remittance of the national cybersecurity levy has been fully implemented. The deadline for all other financial institutions to complete system reconfigurations had arrived. Banks and mobile money operators had until 2 June 2024, while all other financial institutions had until 30 June 2024 to ensure compliance. This levy, set at 0.5%, applies to all electronic transactions and is intended to fund the National Cybersecurity Fund (NCF). Exemptions are made for transactions such as loan disbursements and salary payments to avoid multiple levies. Financial institutions are required to remit collected levies by the 5th business day of each subsequent month. Non-compliance with these provisions can result in fines of at least 2% of annual turnover. As of this date, all regulated institutions were expected to fully comply with the requirements outlined in the circular.