Cyber Security Fund: CBN directs banks to pay 0.005% into Fund Account

The Central Bank of Nigeria (CBN) has directed banks to pay 0.005 per cent into a domiciled account with the apex bank called Cyber Security Fund account.

The CBN in a circular to all banks with reference number BSD/DIR/GEN/LAB/11/006, signed by Director Of Banking Supervision, Thompson Sunday noted that banks are to comply with the statutory provision for the collection and remittance of the 0.005 per cent levy on all electronic transactions that include GSM Service Providers and all telecommunication companies; Internet Service Provider and Banks and Other Financial Institutions.

Others are Insurance Companies and Nigerian Stock Exchange.

According to the circular, “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 0.005per cent 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 0.005per cent levy on all electronic transactions by the businesses specified in the second schedule of the Cybercrime (Prohibition, Prevention, etc.) Act, as follows: GSM Service Providers and all telecommunication companies; Internet Service Providers; Banks and Other Financial Institutions; Insurance Companies; and Nigerian Stock Exchange.

“All levies imposed under the Act should be remitted to the CBN within a period of 30 days after collection. This directive takes immediate effect.”