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The Central Bank of Nigeria (CBN) says it will continue to enforce payment of the mandatory levy on all electronic transactions by banks and other financial institutions. This comes nearly four months after the decision suffered a major backlash when it was initially announced in May. CBN, however, disclosed that the controversial levy had now…
Central Bank of Nigeria (CBN), has withdrawn a controversial 0.5% cybersecurity levy on electronic transfers three days before it was supposed to take effect. The Cybersecurity Act was amended in 2024 and the scope of the levy was extended to cover fintechs, payment service providers and other financial institutions and introduced a 900% increase from…