DISCLAIMER: This script is for demonstration purposes in a classroom setting and does not represent a full implementation of the requirements set forth by the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 as enforced by the CBN. Financial institutions should consult legal and compliance experts to ensure full compliance.
The cybersecurity fee announced by the Central Bank of Nigeria (CBN) is a new charge on electronic transactions. Here's how it works:
- The fee is 0.5% of the transaction value.
- It applies to all electronic transactions, including:
- Interbank transfers
- Mobile money transactions
- Card transactions (debit and credit)
- Online banking transactions
- The fee is deducted at the source, meaning it's taken from the transaction amount before it reaches the recipient's account.
- The fee is remitted to the National Cybersecurity Fund, which is managed by the Office of the National Security Adviser.
- The fund is used to enhance cybersecurity infrastructure and combat cyber threats in Nigeria.