COMPLIANCE WITH THE CYBERCRIME (PROHIBITION, PREVENTION, ETC.), ACT 2015: COLLECTION AND REMITTANCE OF LEVY FOR THE NATIONAL CYBERSECURITY FUND


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:
1. GSM  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

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