Nigerian comedian, Seyi Law, has called out President Bola Tinubu, over the new cybersecurity levy directive issued by the Central Bank of Nigeria (CBN).
It has been reported that CBN had issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.
This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.
The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as a “Cybersecurity Levy.”
In a post via his X handle, Seyi Law described the “Cybersecurity Levy” as punishment for Nigerians, stressing that the policy might discourage banking transactions