2024-05-06 | PSM/DIR/PUB/LAB/017/004

The Revised Guidelines for Blacklisting for Banks and Other Financial Institutions in Nigeria

The Central Bank of Nigeria (CBN) issues a circular to financial institutions and payment service providers regarding the implementation of the Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act 2024. The Act imposes a 0.5% levy on all electronic transactions, which is to be remitted to the National Cybersecurity Fund administered by the Office of the National Security Adviser. The CBN directs all institutions under its regulatory purview to comply with the Act and specifies penalties for non-compliance, including a fine of at least 2% of the annual turnover of the defaulting business.

Nigeria

Central Bank of Nigeria

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