Regulatory Alerts2018-05-30 | BSD/DIR/GEN/LAB/11/006Compliance with the Cybercrime (Prohibition, Prevention, Etc.), Act 2015: Collection and Remittance of Levy for the National Cybersecurity Fund
All banks in Nigeria are instructed to collect and remit a 0.005% levy on all electronic transactions from the businesses specified in the Cybercrime (Prohibition, Prevention, etc.) Act's second schedule. The levy, which is mandated by the Act, is to be paid into the National Cyber Security Fund account domiciled at the Central Bank of Nigeria. All levies collected must be remitted to the CBN within 30 days.
BSD/DIR/GEN/LAB/11/006 March 1, 2018 LETTER TO ALL BANKS COMPLIANCE WITH THE CYBERCRIME (PROHIBITION, PREVENTION, ETC.), ACT 2015: COLLECTION AND REMITTANCE OF LEVY FOR THE NATIONAL CYBERSECURITY FUND 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, as follows:
- GSM Service Providers and all telecommunication companies; 2. Internet Service Providers; 3. Banks and Other Financial Institutions; 4. Insurance Companies; and 5. 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. Yours faithfully, THOMPSON O. SUNDAY FOR: DIRECTOR OF BANKING SUPERVISION