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ARTICLE · 24 JULY 2018

Is The Cybersecurity Levy A Veiled Cybertax?

Jackson, Etti & Edu
Jackson, Etti & Edu
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Jackson, Etti & Edu

Jackson, Etti & Edu

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Below, is a synoptic analysis of the issues and potential impact of this Cybersecurity Levy on the operations of MMOs and PSPs.

NigeriaTechnology
Yomi Adebanjo
Yomi Adebanjo
Kunle Soyibo
Kunle Soyibo

The Central Bank of Nigeria (CBN), pursuant to the Cybercrimes (Prohibition, Prevention etc) Act (2015) (the 'Cybercrimes Act), recently released a Circular dated 25th June, 2018 directing all Mobile Money Operators (MMOs) and other affected Payment Service Providers (PSPs) to comply with the statutory provision for the collection and remittance of the 0.005 levy imposed on electronic transactions by July 1, 2018.

Introduction

The Central Bank of Nigeria (CBN), pursuant to the Cybercrimes (Prohibition, Prevention etc) Act (2015) (the 'Cybercrimes Act), recently released a Circular dated 25th June, 2018 directing all Mobile Money Operators (MMOs) and other affected Payment Service Providers (PSPs) to comply with the statutory provision for the collection and remittance of the 0.005 levy imposed on electronic transactions by July 1, 2018. It is pertinent to note that under the Circular, electronic transactions include all financial transactions occurring in a bank or

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